Roth IRA contributions are made on an after-tax basis . However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level. If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $153,000 for tax year 2023. If you're married and file jointly, your MAGI must be under $228,000 for tax year 2023 The maximum total annual contribution for all your IRAs combined is: Tax Year 2023 - $6,500 if you're under age 50 $7,500 if you're age 50 or older.

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hal1214

Question

Filed a 2023 1040 extension, today is April 15, 2024. How do I figure my Roth IRA contribution?

Forum|Forum|2 years ago
April 15, 2024
1 reply
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TurboTax Online

JohnB5677

Roth IRA contributions are made on an after-tax basis . However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level.

If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $153,000 for tax year 2023.
If you're married and file jointly, your MAGI must be under $228,000 for tax year 2023
The maximum total annual contribution for all your IRAs combined is:
- Tax Year 2023 - $6,500 if you're under age 50
- $7,500 if you're age 50 or older.

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