Income Limits For Roth IRA

Income Limits For Roth IRA Contributions

Anyone earning qualifying income can contribute to a Roth IRA. However, you have to know the income limits for Roth IRA contributions to make sure whether you are eligible or not.

Your Roth IRA eligibility is determined by your tax filing status and modified adjusted gross income (MAGI). If you earn more than the limits, your contribution limit may be reduced (phased out) to zero.

Generally, your maximum contribution limit is $5,000 ($6,000 if you are age 50 or older) for 2009 and 2010. However, if you earn less than this limit, your contribution limit will be the earned income.

The current income limits for Roth IRA contributions are as follows:

For married filing jointly

less than $166,000 ($167,000 for tax year 2010)
- You can make a full contribution.
$166,001 ~ $175,999 ($167,001 ~ $176,999 for tax year 2010)
- The contribution amount is phased out. (partial contribution)
$176,000 or more ($177,000 for tax year 2010)
- You are not eligible for Roth IRA contributions.

For single/head of household

less than $105,000
- You can make a full contribution.
$105,001 ~ $119,999
- The contribution amount is phased out. (partial contribution)
$120,000 or more
- You are not eligible for Roth IRA contributions.

For married filing separately

Zero ($0)
- You can make a full contribution.
$0 ~ $9,999
- The contribution amount is phased out. (partial contribution)
$10,000 or more
- You are not eligible for Roth IRA contributions.

If you are married and do not work but your spouse does, you may also contribute to a Roth IRA provided that you meet certain requirements. There are two benefits of doing this:

It may double your family's retirement savings power.
You will each have retirement funds in your own names

There is no age limit or restriction for a Roth IRA. That means you can make a contribution to a Roth IRA even at your retirement age as long as you work and earn money.

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