Part 4/10:
While both traditional and Roth IRAs share identical annual contribution limits, income thresholds influence how much you can contribute to a Roth IRA. For 2023, phased reductions begin at $129,000 for single filers and complete elimination occurs at $144,000. For married couples filing jointly, phase-outs start at $204,000 and end at $214,000.
Married individuals filing separately face significant restrictions, generally being ineligible unless their income is below $10,000. These limits are important to consider when planning contributions or conversions.