Can I contribute to a Roth IRA?
Answer:
Maybe. It depends on your particular circumstances. You must have earned income during the year (typically, wages or self-employment income). Beyond that, your eligibility for a Roth IRA will hinge on two primary considerations: your adjusted gross income for the year and your income tax filing status. In a given tax year, it's possible you may qualify to contribute the maximum amount allowed by law, a lesser amount, or nothing at all. The maximum contribution is $5,500 in 2013 ($5,000 in 2012). In addition, if you're age 50 or older, you can make an extra "catch-up" contribution of $1,000 a year in 2012 and 2013.
| If your filing status is: | Your ability to contribute to a Roth IRA is limited if your modified adjusted gross income is: | You cannot make a contribution to a Roth IRA if your modified adjusted gross income is: |
|---|---|---|
| Single or head of household | At least $112,000 but less than $127,000 | $127,000 or more |
| Married filing jointly or qualifying widow(er) | At least $178,000 but less than $188,000 | $188,000 or more |
| Married filing separately | More than $0 but less than $10,000 | $10,000 or more |
Your allowable Roth IRA contribution for a given year may be reduced by contributions made to other IRAs during the same tax year. For example, even if you qualify to contribute the full $5,500 to a Roth IRA in 2013, you will be able to put in only $1000 if you've already contributed $4,500 to your traditional IRA for that same year.
