Confused about whether you can contribute to a Roth IRA? The IRS suggests checking these simple rules:
- Income
To contribute to a Roth IRA, you must have compensation (e.g., wages, salary, tips, professional fees, bonuses.) Your modified adjusted gross income must be less than:- $176,000: Married Filing Jointly.
- $0-$10,000: Married Filing Separately (and you lived with your spouse at any time during the year).
- $120,000: Single, Head of Household, or Married Filing Separately (and you did not live with your spouse during the year).
- Age
There is no age limitation for Roth IRA contributions. Unlike traditional IRAs, you can be any age and still qualify to contribute to a Roth IRA. - Contribution Limits
In general, if your only IRA is a Roth IRA, the maximum current year contribution limit is the lesser of your taxable compensation or $5,000 ($6,000 for those age 50 or over.) The maximum contribution limit phases out if your modified adjusted gross income is within these limits:- $167,000-$176,000: Married Filing Jointly
- $0-$10,000: Married Filing Separately (and you lived with your spouse at any time during the year)
- $105,000-$120,000: Single, Head of Household, or Married Filing Separately (and you did not live with your spouse)
- Contributions to Spousal Roth IRA
You can make contributions to a Roth IRA for your spouse provided you meet the income requirements.
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