Roth Income Limits 2024 Married Filing Joint Tax Return

Roth Income Limits 2024 Married Filing Joint Tax Return. The roth ira contribution limit for 2024 is $7,000 for those under 50, and $8,000 for those 50 and older. If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional ira and roth ira.

A couple must file a joint tax return for the spousal ira to work, and the contributing partner must have enough earned income to cover both contributions. If you file taxes as a single person, your modified adjusted gross income (magi) must be under $153,000 for tax year 2023 and $161,000 for tax year 2024 to contribute to a roth ira, and if you’re married and filing.