what is the roth ira limit for 2023

The Roth IRA contribution limit for 2023 is $6,500 for individuals under the age of 50, and $7,500 for those aged 50 or older. If you are filing a joint return or qualifying widow(er), the limit is $218,000, and if you are married filing a separate return and lived with your spouse at any time, the limit is $0. These limits are subject to modified adjusted gross income (MAGI) thresholds, which determine eligibility to contribute to a Roth IRA. For example, for tax year 2023, single filers must have a MAGI of less than $153,000, and married filing jointly must have a MAGI of less than $228,000 to contribute to a Roth IRA.