For the tax year 2023, the maximum contribution limit for a Roth IRA is $6,500 if youre under age 50, and $7,500 if youre age 50 or older. However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level. If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $153,000 for tax year 2023 to contribute to a Roth IRA, and if youre married and file jointly, your MAGI must be under $228,000 for tax year 2023. Additionally, the maximum contribution limit is the lesser of your taxable compensation for the year or the contribution limit.