Are there income limits to participate in MarylandSaves?
Yes. Most individuals who earn more than $144,000 per year aren’t legally allowed to contribute to Roth IRA accounts (the legal form of MarylandSaves WorkLife Accounts). If an individual’s income is between $129,000 and $144,000 the maximum annual contribution is reduced. If you want to make sure you can contribute, refer to this publication from the IRS to help you calculate your Modified Adjusted Gross Income (MAGI). Your MAGI will determine how much you are able to contribute to your Roth IRA account.