The IRS updates the Roth IRA income limits every year to account for inflation and other changes. IRS Publication 590-A provides a worksheet to figure out MAGI and the allowable contribution amounts.

A Roth IRA is a widely used retirement savings account with key tax advantages, such as tax-free withdrawals in retirement. Unlike traditional IRAs, which may offer tax deductions upfront ...

For a worksheet to help with the calculation ... To make the full $7,000 (or $8,000 if you're age 50 or older) contribution to a Roth IRA for 2024, your modified adjusted gross income must ...

A Roth IRA and a Roth 401(k ... The AGI is then adjusted or “modified” further to get to the MAGI. See Worksheet 2-1 of IRS Publication 590-A for the calculation process.