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Calculating Roth IRA: 2021 and 2022 Contribution Limits

Calculating Roth IRA: 2021 and 2022 Contribution Limits

The primary factors for determining your contribution limit are your filing status and modified adjusted gross income (MAGI), which is your income after considering certain allowable deductions and tax penalties. Contributions to a Roth account are made post-tax, but all earnings grow tax-free. Also, contributions to Roth IRAs are limited and can be reduced or phased out, depending on your annual income.