If you're over the income limit and can't contribute to a Roth IRA in your name, you still may be able to open an account in your child's name as long as they have earned income.Ģ023 maximum modified adjusted gross income (MAGI) to contribute to a Roth IRAĢ024 maximum modified adjusted gross income (MAGI) to contribute to a Roth IRA If you make equal to or more than the maximum limit listed, you can't contribute anything to a Roth IRA.If you make between the maximum MAGI listed, you can contribute but it will be a reduced amount.In 2024, you can contribute up to $7,000 to a Roth IRA if you're under age 50 and up to $8,000 if you're 50 or older.Īnyone is eligible to contribute to a Roth IRA as long as they're under the income thresholds.In 2023, you can contribute up to $6,500 to a Roth IRA if you're under age 50 and up to $7,500 if you're 50 or older.Plus, if the money isn't used for college, it still can be held for retirement. 1 This money is typically held for you to use in retirement, but it also can be used to cover qualified higher education costs without incurring the 10% early distribution penalty. Contributions to a Roth IRA aren't tax-deductible, but you have the potential to take tax-free withdrawals from the account. How can you save for college with a Roth IRA?Ī Roth IRA is an individual retirement account that allows you to save for your future in a tax-advantaged way. We recommend you read the privacy policies of those sites as they may be different from Thrivent's policy. Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent, the marketing name for Thrivent Financial for Lutherans, or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested.Īny data or personal information collected by websites other than Thrivent is not covered by Thrivent's privacy policy. Deposit and lending services are offered by Thrivent Credit Union, the marketing name for Thrivent Federal Credit Union, a member-owned not-for-profit financial cooperative that is federally insured by the National Credit Union Administration and doing business in accordance with the Federal Fair Lending Laws. You are now leaving the Thrivent website.
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