Gemini on Question 49, Sep 26

For 2025, here is the information you need for your Roth IRA:

1. Contribution Limit (Age 50)
Because you are 50 (or will turn 50 at any point during 2025), your total maximum contribution limit is $8,000.

• •This consists of the standard limit of $7,000, plus a $1,000 "catch-up" contribution allowed for people age 50 and older.

2. 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 a single filer is $150,000 to $165,000.

Here is how that affects your $8,000 contribution limit:

• •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) on a sliding scale.
• •If your MAGI is $165,000 or higher: You cannot contribute directly to a Roth IRA. (Limit is $0).

A Quick Tip:
If your income ends up being over the $165,000 limit, you can still get money into a Roth IRA using a 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.

Disclaimer: I am an AI, not a CPA or financial advisor. Tax rules can be complex, especially when calculating MAGI or executing a Backdoor Roth, so it is always a good idea to consult a tax professional for your specific situation.