Effect of Modified AGI on Roth IRA contributions in 2023:
A Roth IRA is a great vehicle to save for retirement, however, there are income limits that might affect your eligibility for a Roth IRA in 2023.
2023 Roth IRA income limits are:
| IF you have taxable compensation and your filing status is.. | AND your modified AGI is … | Then… |
| married filing jointly or qualifying widow(er) | less than $218,000 | you can contribute up to $6,5000 ($7,500 if age 50 or older) for 2023 |
| at least $218,000 but less than $228,000 | the amount you can contribute is reduced | |
| $228,000 or more | you cannot contribute to a Roth IRA. You have exceeded the 2023 Roth IRA income limits | |
| married filing separately and you lived with your spouse at any time during the year | Zero | you can contribute up to $6,500 ($7,500 if age 50 or older) for 2023 |
| more than zero but less than $10,000 | the amount you can contribute is reduced | |
| $10,000 or more | you cannot contribute to a Roth IRA. You have exceeded the 2023 Roth IRA income limits | |
| single, head of household or married filing separately and you did not live with your spouse at any time during the year | less than $138,000 | you can contribute up to $6,500 ($7,5000 if age 50 or older) for 2023 |
| at least $138,000 but less than $153,000 | the amount you can contribute is reduced | |
| $153,000 or more | you cannot contribute to a Roth IRA. You have exceeded the 2023 Roth IRA income limits |
Source: IRS
