Gemini on Question 49, Sep 21

For 2025, here are the Roth IRA rules that apply to a single filer who is 50 years old:

1. Contribution Limit: $8,000
Because you are 50 (or will turn 50 by December 31, 2025), you are eligible for the IRS "catch-up" contribution.

• •Base contribution limit: $7,000
• •Age 50+ catch-up: $1,000
• •Total allowed: $8,000

2. Income Phase-Out Range: $150,000 to $165,000
For single filers in 2025, your ability to contribute directly to a Roth IRA is based on your Modified Adjusted Gross Income (MAGI):

• •Under $150,000: You can contribute the full $8,000.
• •$150,000 to $165,000: You can make a partial contribution (the exact amount decreases as your income gets closer to $165,000).
• •Over $165,000: You cannot contribute directly to a Roth IRA.

A quick tip if your income is too high:
If your MAGI ends up being over $165,000, you can still get money into a Roth IRA using a legal strategy called the Backdoor Roth IRA. This involves making a non-deductible contribution to a Traditional IRA and immediately converting it to a Roth IRA.

(Note: MAGI is not just your gross salary; it is your gross income minus certain deductions, like contributions to a traditional 401(k) or HSA. It's always a good idea to consult a tax professional or financial advisor for your specific situation).