Gemini on Question 49, Sep 28

For the 2025 tax year, here is the breakdown of your Roth IRA contribution limits and income phase-out ranges based on your age (50) and filing status (Single):

1. Your Maximum Contribution Limit: $8,000

Because you are 50 years old, you are eligible for the IRS "catch-up" contribution.

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

2. Your Income Phase-Out Range: $150,000 to $165,000

Whether you can contribute the full $8,000 depends on your Modified Adjusted Gross Income (MAGI). For single filers in 2025, the rules are:

• •If your MAGI is under $150,000: You can contribute the full $8,000.
• •If your MAGI is between $150,000 and $165,000: You can make a partial contribution. (The IRS reduces your limit proportionally as your income gets closer to $165,000).
• •If your MAGI is $165,000 or higher: You cannot contribute directly to a Roth IRA.

Helpful Tips:

• •What is MAGI? It is your Adjusted Gross Income (AGI) from your tax return, with a few specific deductions added back in (like student loan interest). It is usually slightly lower than your gross salary if you contribute to a pre-tax 401(k) or health insurance premiums.
• •The Backdoor Roth Alternative: If your MAGI ends up being over $165,000, you can still get money into a Roth IRA using the "Backdoor Roth" strategy. This involves contributing $8,000 to a Traditional IRA (which has no income limits for non-deductible contributions) and immediately converting it to a Roth IRA.
• •Deadline: You have until Tax Day (April 15, 2026) to make your contributions for the 2025 tax year.

Disclaimer: I am an AI, not a CPA. If your income is close to the phase-out range or you are considering a Backdoor Roth, it is always a good idea to consult a tax professional to ensure you don't trigger IRS penalties.