Author: Business Tax Recovery
Confused about whether you can contribute to a Roth IRA? Try using 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:
$160,000 -- Married Filing Jointly. $10,000 -- Married Filing Separately (and you lived with your spouse at any time during the year). $110,000 -- 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