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Who is eligible to contribute to a Roth IRA?

April 26, 2017contribute eligible roth ira

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Who is eligible to contribute to a Roth IRA?

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You are eligible if you earn compensation and your MAGI is less than the defined limits set by Congress. If you MAGI is too high to contribute the annual contribution limit, you may be able to make a smaller contribution.

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There are no age limitations. Your MAGI (income before certain deductions) determines your eligibility to contribute to a Roth IRA. If you’re single and your MAGI is: • Less than $101,000, you may contribute the maximum annual contribution limit to a Roth IRA (see question 3.3) • Between $101,000 and $116,000, you may make a partial contribution to a Roth IRA • More than $116,000, you may not contribute to a Roth IRA If you’re married and your joint MAGI is: • Less than $159,000, you may contribute the maximum annual contribution limit to a Roth IRA (see question 3.3) • Between $159,000 and $169,000, you may make a partial contribution to a Roth IRA • More than $169,000, you may not contribute to a Roth IRA For more information about your IRA eligibility, consult your tax advisor.