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An individual s maximum contribution is determined by his Modified Adjusted Gross Income (MAGI). For instance if your MAGI is below a fixed level you can qualify for a maximum allowable ROTH IRA contribution, If your MAGI has reached the fixed level, your ROTH IRA contribution is subject to reduction or phasing out. If your MAGI overshoots a fixed range, contributions would no longer be allowed. If you are single and you re MAGI is pegged at a range at $95,000 or below, you can avail of a maximum allowable contribution of $4,000. And if your MAGI are at the range of $99,000-$114,000 you are eligible for a partial or phased-out contribution. If you are married and have filed jointly and your MAGI falls at a range of $156,000 or below then you are allowed to contribute to the maximum amount. Partial or phased-out contribution is for those joint filers whose MAGI have reached a range of $156,000-$166,000. IRA contribution for Education IRA is pegged at $2,000 annually. If you are a singl …