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Roth IRA Contributions

With Roth IRAs, you pay taxes on contributions to enjoy tax-free distributions (if qualified) down the road.

AT A GLANCE

What should you know about Roth IRA contributions?

Roth IRA Contributions

You may withdraw your contributions at any time without incurring duplicate taxes or early distribution penalties.
You may continue to make Roth IRA contributions beyond age 72.
You must earn verifiable and taxable income to make Roth IRA contributions. Your modified adjusted gross income (MAGI) may affect your ability to contribute the full annual limit.
Click here for more information from the IRS.

ROTH IRA CONTRIBUTIONS

Contribution Deadlines & Annual Limits

TAX YEAR

2022

ANNUAL CONTRIBUTION LIMIT (below age 50)

$6,500

ANNUAL CONTRIBUTION LIMIT (age 50 or above)

$7,500

CONTRIBUTION
DEADLIINE

4/18/2023

Cash or assets that you transfer, roll, or convert from another qualified plan will not count against these annual limits. You can make a contribution to a new Roth IRA for a given tax year even if you open the account in the following calendar year.
EXAMPLE: You open a Roth IRA on February 1, 2023. You can still make 2022 contributions until April 18, 2023 even though your account was not open during the 2022 calendar year.

EDUCATION CENTER

Want to learn more about Roth IRA accounts?

Essential Reading

What is a Self-Directed SEP IRA? And 4 Other Pressing Questions

Could It Make Sense to Have Both a Traditional IRA and a Roth IRA?

The Five-Year Rule for Roth IRA Withdrawals

Essential Viewing

All About Roth IRAs

SEE MORE VIDEOS

Roth IRA Guide

Investor's Guide
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