How much am I allowed to save each year in MarylandSaves?

Contribution limits for IRAs are set by the federal government. For 2024, you can save up to $7,000 per year if you’re younger than 50 and $8,000 per year if you’re 50 or older, as long as you have earned at least that much. This contribution limit applies across all IRAs you may have (both Traditional IRAs and Roth IRAs with the State and elsewhere). Your MarylandSaves Account will automatically stop accepting contributions if you go above the limits in any year. 

If you are contributing to a Roth IRA, you also need to meet certain income levels based on your modified adjusted gross income (MAGI). See this publication from the IRS for more information about how your Modified Adjusted Gross Income determines how much you are able to contribute to your Roth IRA account.