According to the Internal Revenue Service (IRS) and other sources, the maximum Roth IRA contribution for 2023 is $6,500 for those under 50 years old, and an additional $1,000 catch-up contribution for those 50 and older. It is important to note that this contribution limit applies to both traditional and Roth IRAs combined. However, the amount you can contribute to a Roth IRA may be reduced or eliminated based on your income level. For example, for tax year 2023, single tax filers must have a modified adjusted gross income (MAGI) of less than $153,000 to contribute to a Roth IRA, and married filing jointly tax filers must have a MAGI of less than $228,000.
