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:
- $196,000 — Married Filing Jointly.
- $10,000 — Married Filing Separately (and you lived with your spouse at any time during the year).
- $133,000 — 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 $6,000 ($7,000 for those age 50 or over). The maximum contribution limit phases out if your modified adjusted gross income is within these limits:
- $193,000-$203,000 — Married Filing Jointly or Qualifying widow(er)
- $0-$10,000 — Married Filing Separately (and you lived with your spouse at any time during the year)
- $122,000-$137,000 — 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.
* Note – threshold amounts listed above are for tax year 2019.