Common use of Maximum Contribution Clause in Contracts

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 for 2023, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2023. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $223,000, your maximum Xxxx XXX contribution for 2023 is $3,250 ([$228,000 minus $223,000] divided by $10,000 and multiplied by $6,500). (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 for 2023, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2023. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $223,000, your maximum Xxxx XXX contribution for 2023 is $3,250 ([$228,000 minus $223,000] divided by $10,000 and multiplied by $6,500). (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 3,000 for 2023years 2002 – 2004, $4,000 for years 2005 – 2007, and $5,000 for 2008, with possible cost-of-living adjustments each year in years 2009 and thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.Code) sections 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAsIRA. Your total annual contribution to all Xxxx Traditional IRAs and Traditional Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) 150,000 if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) 95,000 if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) 160,000 may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) 110,000 may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20232006. (1) Begin with the appropriate MAGI phase-phase- out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with and your MAGI of is $223,000155,000, your maximum Xxxx XXX contribution for 2023 2002 is $3,250 1,500. This amount is determined as follows: [([$228,000 160,000 minus $223,000] 155,000) divided by $10,000 and 10,000] multiplied by $6,500)3,000. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 and your MAGI is $98,000, your maximum Xxxx XXX contribution for 2002 is $2,400. This amount is determined as follows: [($110,000 minus $98,000) divided by $15,000] multiplied by $3,000.

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 3,000 for 2023years 2002 – 2004, $4,000 for years 2005 – 2007, and $5,000 for 2008, with possible cost-of-living cost-­‐of-­‐living adjustments each year in years 2009 and thereafter. If you also maintain a Traditional IRA XXX (i.e., an IRA XXX subject to the limits of Internal Revenue Code Sections (IRC Secs.Code) sections 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAsXXX. Your total annual contribution to all Xxxx Traditional IRAs and Traditional Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) 150,000 if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) 95,000 if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) 160,000 may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) 110,000 may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living cost-­‐of-­‐living increases for tax years beginning after 20232006. (1) Begin with the appropriate MAGI phase-out phaseout maximum for the applicable year and subtract your MAGI; MAGI from it; (2) divide this total the result by the difference between the phase-out phase-­‐out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up catch-­‐up contributions if you are age 50 or older. For example, if you are age 30 with and your MAGI of is $223,000155,000, your maximum Xxxx XXX contribution for 2023 2002 is $3,250 1,500. This amount is determined as follows: [([$228,000 160,000 minus $223,000] 155,000) divided by $10,000 and 10,000] multiplied by $6,500)3,000. (1) Begin with the appropriate MAGI phase-out phase-­‐out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out phase-­‐out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the year, including catch-­‐up contributions if you are age 50 or older. For example, if you are age 30 and your MAGI is $98,000, your maximum Xxxx XXX contribution for 2002 is $2,400. This amount is determined as follows: [($110,000 minus $98,000) divided by $15,000] multiplied by $3,000.

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 for 2023, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2023. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $223,000, your maximum Xxxx XXX contribution for 2023 is $3,250 ([$228,000 minus $223,000] divided by $10,000 and multiplied by $6,500). (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $141,000, your maximum Xxxx XXX contribution for 2023 is $5,200 ([$153,000 minus $141,000] divided by $15,000 and multiplied by $6,500).

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 7,000 for 20232025, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 236,000 (for 20232025) if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 150,000 (for 20232025) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 246,000 (for 20232025) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 165,000 (for 20232025) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20232025. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $223,000241,000, your maximum Xxxx XXX contribution for 2023 2025 is $3,250 3,500 ([$228,000 246,000 minus $223,000241,000] divided by $10,000 and multiplied by $6,5007,000). (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 for 2023, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2023. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $223,000, your maximum Xxxx XXX contribution for 2023 is $3,250 ([$228,000 minus $223,000] divided by $10,000 and multiplied by $6,500). (1) Begin with the appropriate MAGI phase-phase- out maximum for the applicable year and subtract your MAGI; ; (2) divide this total by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $141,000, your maximum Xxxx XXX contribution for 2023 is $5,200 ([$153,000 minus $141,000] divided by $15,000 and multiplied by $6,500).

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 3,000 for 2023years 2002-2004, $4,000 for years 2005-2007, and $5,000 for 2008, with possible cost-of-living adjustments each year in years 2009 and thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.Code) sections 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAsIRA. Your total annual contribution to all Xxxx Traditional IRAs and Traditional Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) 150,000 if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) 95,000 if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) 160,000 may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) 110,000 may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20232006. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with and your MAGI of is $223,000155,000, your maximum Xxxx XXX contribution for 2023 2002 is $3,250 1,500. This amount is determined as follows: [([$228,000 160,000 minus $223,000] 155,000) divided by $10,000 and 10,000] multiplied by $6,500)3,000. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 3,000 for 2023years 2002-2004, $4,000 for years 2005-2007, and $5,000 for 2008, with possible cost-of-living adjustments each year in years 2009 and thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.Code) sections 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAsIRA. Your total annual contribution to all Xxxx Traditional IRAs and Traditional Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) 150,000 if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) 95,000 if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) 160,000 may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) 110,000 may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20232006. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with and your MAGI of is $223,000155,000, your maximum Xxxx XXX contribution for 2023 2002 is $3,250 1,500. This amount is determined as follows: [([$228,000 160,000 minus $223,000] 155,000) divided by $10,000 and 10,000] multiplied by $6,500).3,000. If you are single and your MAGI is between the applicable MAGI phaseout for the year, your maximum Xxxx XXX contribution is determined as follows: (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 and your MAGI is $98,000, your maximum Xxxx XXX contribution for 2002 is $2,400. This amount is determined as follows: [($110,000 minus $98,000) divided by $15,000] multiplied by $3,000.

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 3,000 for 2023years 2002-2004, $4,000 for years 2005-2007, and $5,000 for 2008, with possible cost-of-living adjustments each year in years 2009 and thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.Code) sections 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAsIRA. Your total annual contribution to all Xxxx Traditional IRAs and Traditional Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) 150,000 if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) 95,000 if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) 160,000 may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) 110,000 may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20232006. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with and your MAGI of is $223,000155,000, your maximum Xxxx XXX contribution for 2023 2002 is $3,250 1,500. This amount is determined as follows: [([$228,000 160,000 minus $223,000] 155,000) divided by $10,000 and 10,000] multiplied by $6,500)3,000. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGIMAGI from it; (2) divide this total the result by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 and your MAGI is $98,000, your maximum Xxxx XXX contribution for 2002 is $2,400. This amount is determined as follows: [($110,000 minus $98,000) divided by $15,000] multiplied by $3,000.

Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 6,000 ($7,000 for 2023taxpayers aged 50 or over at the end of the tax year, see below Section D) for 2019, with possible cost-of-of- living adjustments each year thereafter. If you also maintain a Traditional IRA XXX (i.e., an IRA XXX subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 189,000 (for 20232018) or $193,000 (for 2019) if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 120,000 (for 20232018) or $122,000 (for 2019) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 199,000 (for 20232018) or $203,000 (for 2019) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 135,000 (for 20232018) or $137,000 (for 2019) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 20232019. (1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $223,000198,000, your maximum Xxxx XXX contribution for 2023 2019 is $3,250 3,000 ([$228,000 203,000 minus $223,000198,000] divided by $10,000 and multiplied by $6,5006,000). (1) Begin with the appropriate MAGI phase-phase- out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; andand (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $125,000, your maximum Xxxx XXX contribution for 2019 is $4,800 ([$137,000 minus $125,000] divided by $15,000 and multiplied by $6,000).