Who is eligible to set up a Roth IRA?
There are two ways you can contribute: either by regular contributions or rollovers from another Roth or a Traditional IRA. Unlike Traditional IRAs, you may contribute past age 70 1/2 as long as you are receiving compensation. Single filers with a maximum earned income of $116,000 and married filers filing jointly with a maximum earned income of $169,000 can contribute up to $5,000. If a single filer has earned income between $101,000 and $116,000 and a joint filer has an earned income between $159,000 and $169,000, they may contribute a reduced amount.
