Gemini on Question 49, Sep 22

For 2025, since you are 50 years old, your maximum Roth IRA contribution limit is $8,000.

Here is the breakdown of that limit and the income phase-out rules for a single filer:

1. The Contribution Limit ($8,000)

• •Base Limit: $7,000
• •Catch-up Contribution: $1,000 (available starting the year you turn 50)
• •Total: $8,000

2. The Income Phase-Out Range (Single Filer)

Your ability to contribute directly to a Roth IRA depends on your Modified Adjusted Gross Income (MAGI). For 2025, the phase-out range for single filers is $150,000 to $165,000.

Here is how that affects your contribution:

• •If your MAGI is under $150,000: You can contribute the full $8,000.
• •If your MAGI is between $150,000 and $165,000: Your contribution limit is reduced (phased out). You can make a partial contribution, which you calculate using a specific IRS formula.
• •If your MAGI is $165,000 or higher: You cannot contribute directly to a Roth IRA.

A Quick Tip if You Exceed the Income Limit

If you find that your income will be $165,000 or higher in 2025, you can still get money into a Roth IRA using the "Backdoor Roth IRA" method. This involves making a non-deductible contribution of $8,000 to a Traditional IRA (which has no income limits for contributions) and then immediately converting those funds into your Roth IRA.