Are there income limits to participate in OregonSaves?
Yes. It is up to the employee to determine if you meet the applicable income limits to contribute to a Roth IRA account. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will then determine how much you are able to contribute to your Roth IRA account. Generally speaking, if you file taxes as a single person and your MAGI is under $125K in 2022, or if you are married and file jointly and your MAGI is under $198K, you will be able to contribute the maximum amount of $6,000 ($7,000 if you’re 50 or older). At this time OregonSaves offers Traditional IRAs to savers who need to recharacterize prior year contributions. Traditional IRAs do not have an income limit.