Carl,age 44,wants to contribute the maximum allowed to a Roth IR a.He is single and his AGI is $116,000.How much can he contribute to the Roth IRA?

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For 2023, the maximum contribution to a Roth IRA for someone under 50 is $6,500. However, since Carl's AGI is $116,000, he is in the phase-out range for single filers ($138,000 to $153,000). His contribution limit is reduced proportionally, allowing him to contribute $4,033.

Carl,age 44,wants to Contribute the Maximum Allowed to a Roth