Am I Eligible for a Roth IRA? - KTRE.com | Lufkin and Nacogdoches, Texas

Am I Eligible for a Roth IRA?

Basically, there are two requirements for eligibility to contribute to a Roth IRA: you must have earned income (or your spouse must have earned income) and your modified adjusted gross income (MAGI) cannot exceed certain limits (see table below).

Single Filers

MAGI of

$95,000

or Less

MAGI

Between   $95.000

and $110,000

MAGI of

$110,000

or More

Full $2,000

Contribution

Partial

Contribution*

No

Contribution        

Married, Joint Filers

MAGI of

$150,000

or less

MAGI

Between $150,000

and $160,000

MAGI of

$160,000

or More

Full $2,000

Contribution

Partial

Contribution *

No

Contribution

*Click Here for a work sheet to determine partial contributions.

It's important to note that $2,000 is the aggregate amount that you can contribute to any Roth and/or traditional IRA in a given year.  For example, if you contribute $500 to a traditional IRA, you can only contribute $1,500 to a Roth IRA for that year.

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