Retirement Planning

Roth IRA Contribution and Income Limits for 2023

A Roth IRA is a great way to save for retirement if you qualify. Here are the Roth IRA income limits and contribution limits for 2023.

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2023 Roth IRA Contribution Limits

The IRS released its 2023 update to income and contribution limits for Roth IRAs. IRA contribution limits don’t typically change every year, but they have changed to $6,500 for 2023 from $6,000 in 2022. The limit increased by $500 in 2013, again in 2019, and now in 2023 as well. Remember that the IRA contribution limits apply to any of your IRAs combined–Roth and traditional. So in 2023, you can contribute up to $6,500 (or $7,500 if you’re aged 50 or older) to any combination of IRAs.

In addition, the maximum deductible amount you contribute to a traditional IRA and the maximum amount you contribute to a Roth IRA may be reduced depending on whether or not you are covered by an employer-sponsored retirement plan and your income. For a traditional IRA, you can still contribute up to the maximum, but your full contribution may not be tax-deductible. For a Roth IRA, your maximum contribution may be limited by your income or, if your income is high enough, you may be unable to contribute to a Roth IRA at all.

See this information in table form below:

Tax YearContribution Limit (for taxpayers under age 50)Contribution Limit (for taxpayers age 50 or over by the end of the year)

Roth IRA Income Limits

Before you get too excited about a Roth IRA, remember that your income can disqualify you from opening one or can limit the amount you can contribute to one. To determine your eligibility, you need to know your modified AGI (adjusted gross income) and filing status.

The income limits typically rise a bit every year because of inflation. For 2023, the Roth IRA contribution limit is phased out based on the following income levels:

  • For single or head-of-household filers, the phase-out range is $138,000 to $153,000. If your modified AGI is greater than or equal to $153,000, you cannot contribute to a Roth IRA. If it is between those two amounts, you can contribute a reduced amount to your account.
  • For those who are married filing jointly*, the phase-out range is $218,000 to $228,000. If your combined, modified AGI is greater than or equal to $228,000, you cannot contribute to a Roth IRA in 2023. And if your income is within the phase-out range, you can contribute a reduced amount.
  • Finally, if your filing status is married filing separately (you live with your spouse at any time during the year), the phase-out range is $0 to $10,000. If you make more than $10,000 and file as married filing separately*, you cannot contribute to a Roth IRA in 2023.

Check out this information, along with historical income limits, in table form below:

Tax YearSingle/Head of Household FilersMarried Filing Jointly/Qualified Widow(er) ContributionsMarried Filing Separately*
2023$138,000 - $153,000$218,000 - $228,000$0 - $10,000
2022$129,000 - $144,000$204,000 - $214,000$0 - $10,000
2021$125,000 - $140,000$198,000 - $208,000$0 - $10,000
2020$124,000 - $139,000$196,000 - $206,000$0 - $10,000
2019$122,000 - $137,000$193,000 - $203,000$0 - $10,000
2018$120,000 - $135,000$189,000 - $199,000$0 - $10,000
201$118,00 - $133,000$186,000 - $196,000$0 - $10,000
2016$117,000 - $132,000$184,000 - $194,000$0 - $10,000
2015$116,000 - $131,000$183,000 - $193,000$0 - $10,000
2014$114,000 - $129,000$181,000 - $191,000$0 - $10,000
2013$112,000 - $127,000$178,000 - $188,000$0 - $10,000
2012$110,000 - $125,000$173,000 - $183,000$0 - $10,000
2011$107,000 - $122,000$169,000 - $179,000$0 - $10,000
2010$105,000 - $120,000$167,000 - $177,000$0 - $10,000

*Note: If you file married, filing separately and do not live with your spouse at any point during the tax year, you can use the limits for single/head of household filers. If you do live with your spouse at any point during the year, you’ll be limited to the $0-$10,000 phase-out range.

If you want to open an IRA account, I think Betterment is worth serious consideration. If you want to trade individual stocks and ETFs in your IRA, check out our list of IRA discount brokers.

Best IRA Account Brokers in 2023

  • Betterment: The best IRA option for first-time investors. Very easy to use and extremely low fees.
  • Ally Invest: The best hybrid approach. You get access to Ally Invest Cash Enhanced Robo Portfolios, an automated investment service, as well as its award-winning, low-cost brokerage services.
  • M1 Finance: The best free IRA option. Choose between their pre-built portfolios or custom build your own.
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Can you contribute to a Roth IRA if you have no earned income?

You cannot contribute to a Roth IRA in 2020 if you have no earned income. You must earn income from wages, salaries, tips, or other similar methods. If your only income comes from sources like investments (i.e., capital gains or dividends) it doesn’t count as earned income, therefore you can’t contribute to a Roth IRA.

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Can I contribute to a Roth IRA if I am retired?

You can contribute to a Roth IRA if you’re retired - but only if you have a source of earned income from being self-employed or employed. So as long as you have earned income, you are good to go. Unlike Traditional IRAs, Roth IRAs don’t have an age contribution limit.

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What is the 5 year rule for Roth IRA?

The 5 year rule for a Roth IRA indicates how long you must hold investment earnings before you can withdraw them without penalty. So for example, if you contribute $10,000 over 3 years to a Roth IRA, those contributions may be eligible for withdrawal without penalty, but the money earned from interest on your investments would not be for another two years.

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Can I have multiple Roth IRAs?

You can definitely open and keep as many Roth IRAs as your heart desires. The catch, however, is that you can still only contribute up to the maximum amount each year - regardless of which account they go to. So for 2020, your maximum contribution limit is $6,000. You can contribute $1,000 to six different Roth IRAs if you’d like (though I don’t know why you would), but no more - since you’d be exceeding the annual limit.

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Chris Muller

Chris Muller

Chris has an MBA with a focus in advanced investments and has been writing about all things personal finance since 2015. He's also built and run a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. You can connect with Chris on Twitter @moneymozartblog.

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