Confused about whether you can contribute to a Roth IRA? Try using these simple rules:
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:
$160,000 — Married Filing Jointly. $10,000 — Married Filing Separately (and you lived with your spouse at any time during year). $110,000 — Single, Head of Household, or Married Filing Separately (and you did not live with your spouse during year).
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.
In general, if your only IRA is a Roth IRA, maximum 2005 contribution limit is lesser of your taxable compensation or $4,000. For individuals age 50 or older, contribution limit is $4,500
The maximum contribution limit phases out if your modified adjusted gross income is within these limits:
$150,000-$160,000 — Married Filing Jointly