How Much Can I Contribute? - KTRE.com | Lufkin and Nacogdoches, Texas

How Much Can I Contribute?

How Much Can I Contribute?
You may contribute any amount up to 100 percent of your earned income or $2,000, whichever is less, as long as your MAGI is within prescribed limits.  These prescribed limits for contribution are:


Single Filers

MAGI of

$95,000

or Less

MAGI

Between   $95.000

and $110,000

MAGI of

$110,000

or More

Full $2,000

Contribution

Partial

Contribution*

No

Contribution        

  
Married, Joint Filers

MAGI of

$150,000

or less

MAGI

Between $150,000

and $160,000

MAGI of

$160,000

or More

Full $2,000

Contribution

Partial

Contribution *

No

Contribution

*Click here for a work sheet to determine partial contributions.

It's important to note that $2,000 is the aggregate amount that you can contribute to any Roth and/or traditional IRA in a given year.  For example, if you contribute $500 to a traditional IRA, you can only contribute $1,500 to a Roth IRA for that year.

 

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