First of all, let’s take a look at the limits of an IRA contribution. You can contribute only $6,000 a year to your IRA (no matter the type). And you can make contributions for the previous year until April of the current year.
But you can contribute to an IRA only if you make under a certain amount. In 2020, you can make a full contribution to a Roth IRA up to an income of $124,000 for a single filer or $196,000 for a married couple. Between that amount and $139,000 and $206,000, respectively, you can make a partial contribution to a Roth IRA, but above these amounts, you cannot contribute to a Roth IRA.
For traditional IRAs, these phaseout numbers are $65,000 and $75,000 for a single filer and $104,000 and $124,000 if you’re married filing jointly. If you’re married filing separately, the phaseout begins with any income and ends at $10,000.