Q:

What are the Roth IRA limits?

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Quick Answer

For 2014 and 2015, the total contribution limit for all of an individual's traditional and Roth IRAs is $5,500 or $6,500 if age 50 or older according to the IRS. In addition, contributions cannot be more than an individual's taxable compensation for the year even if below the maximum limit.

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Full Answer

Roth IRA contributions may also be limited by an individual's modified adjusted gross income according to the IRS. For 2015, married individuals filing jointly with a MAGI of less than $183,000 may contribute up to the limit. Individuals filing single, head of household or married filing separately may have a MAGI less than $116,000 in 2015 and contribute up to the limit. Once MAGI reaches $193,000 for married individuals filing jointly and $131,000 for individuals filing single, head of household or married filing separately in 2015, no money may be contributed to a Roth IRA.

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