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Contributions

How much can I contribute to my OregonSaves account?

The standard savings rate for an OregonSaves account is 5% of your gross pay, deducted on an after-tax basis. Standard choices also include a 1% annual increase in savings up to 10%, so if you start out at 5%, next year your savings rate will increase to 6%. You can change your savings rate at any time to as little as 1% or as much as you want, within IRS limits.1 You can also choose not to have your savings rate increase in any year. You can also make contributions yourself through your bank account or by check.

Because your OregonSaves account is a Roth IRA, your savings amount must be within the Roth IRA contribution limits a set by the federal government. In 2019, the contribution limits are $6,000 per year to a Roth IRA (and $7,000 per year when you are age 50 or older) as long as you earn at least $6000 in wages.

To determine how much money you can contribute, you’ll first need to figure out your Modified Adjusted Gross Income (MAGI). The IRS provides a helpful worksheet in Publication 590-A, Chapter 2 that will walk you through the steps. Once you’ve determined your MAGI, use the scenarios below to determine the maximum amount you can contribute.

“It feels good to finally be building my retirement fund! Even though I am only saving a small portion right now I plan to up my contribution in the future.”

Sarah Minshall
Rogue Retreat
Medford, OR

Modified Ajusted Gross Income (MAGI) Limits
Year Single Filer Married/Joint Filer Married/Single Filer
2018 $120,000-$135,000 $189,000-$199,000 $0-$10,000
2019 $122,000-$137,000 $193,000-$203,000 $0-$10,000

Calculating your contribution

Once you’ve determined your MAGI, use the scenarios below to determine the maximum amount you can contribute.

 

As a SINGLE FILER, younger than 50 years old, WITH A MAGI LESS THAN $122,000, you can contribute the full contribution limit of 6,000.

As a SINGLE FILER, younger than 50 years old, WITH A MAGI THAT IS BETWEEN $122,000 AND $137,000, you can submit a partial contribution using this equation:

($137,000 – MAGI) ÷ $15,000 × 6,000 = Maximum amount you can contribute.

As a SINGLE FILER, younger than 50 years old, WITH A MAGI MORE THAN $137,000, you are not eligible to contribute.

As a MARRIED FILER, younger than 50 years old, FILING JOINTLY, AND YOUR MAGI COMBINED WITH YOUR SPOUSE'S MAGI IS LESS THAN $193,000, you can contribute the full contribution limit of 6,000.

As a MARRIED FILER, younger than 50 years old, FILING JOINTLY, and your MAGI combined with your spouse’s MAGI is between $193,000 and $199,000, you can submit a partial contribution using this equation:

($203,000 – MAGI) ÷ $10,000 × 6,000 = Maximum amount you can contribute.

As a MARRIED FILER, younger than 50 years old, FILING JOINTLY, AND YOUR MAGI COMBINED WITH YOUR SPOUSE'S MAGI IS MORE THAN $203,000, you are not eligible to contribute.

As a MARRIED FILER, younger than 50 years old, FILING SEPARATELY WITH A MAGI THAT IS LESS THAN $10,000, you can submit a partial contribution using this equation:

($10,000 – MAGI) ÷ $10,000 × 6,000 = Maximum amount you can contribute.

As a MARRIED FILER, younger than 50 years old, FILING SEPARATELY, WITH A MAGI THAT IS MORE THAN $10,000, you are not eligible to contribute.

  1. Please note that contributions are made post-tax, and your employer can’t deduct more than the amount of available compensation after they have made any other payroll deductions required by law that have higher preference.