Roth IRA Contribution Limits For 2022

To go straight to the topic the annual IRA contribution limit for this year (2022) is $6,000 if you are under the age of 50. But if you are 50 or are older than 50 then your limit is $7,000.

However there are some extra restrictions which are relevant for some people but not for all.

The contribution limits apply to you when you combine the traditional and Roth IRA contributions.

The Roth IRA contributions may be limited for you if your MAGI (modified adjusted gross income) is over a specific threshold.

However the annual contribution limit is simply just one simple part of the IRA contribution rules.

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