Can I contribute to a ROTH IRA?

Are you confused about whether you can contribute to a Roth IRA? The IRS suggests checking these simple rules:

  1. 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:
  2. 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.
  3. 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 $5,500 ($6,500 for those age 50 or over). The maximum contribution limit phases out if your modified adjusted gross income is within these limits: 
    • $186,000-$196,000 — 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)
    • $118,000-$133,000 — Single, Head of Household, or Married Filing Separately (and you did not live with your spouse)
  4. 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 2017.

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