Can I contribute to a Roth IRA?


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 2015 (unchanged from 2014). In addition, if you're age 50 or older, you can make an extra "catch-up" contribution of $1,000 a year in 2014 and 2015.

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 householdAt least $116,000 but less than $131,000$131,000 or moreMarried filing jointly or qualifying widow(er)At least $183,000 but less than $193,000$193,000 or moreMarried filing separatelyMore 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 2015, you will be able to put in only $1,000 if you've already contributed $4,500 to your traditional IRA for that same year.