In our last blog post, we discussed the various regulations about Traditional IRA contributions. Now we will turn our attention to Roth IRA contribution rules.
The annual contribution limits and the contribution deadline for Roth IRAs are the same as for traditional IRAs. The rest of the rules are different.
Contribution age limit: After age 70½, you can still make Roth IRA contributions — as long as you (and/or your spouse if you’re married) have earned income at least equal to what you contribute.
If you are unmarried: eligibility to make Roth contributions for the 2014 tax year is phased out between AGI of $114,000 and $129,000. For 2015, the phase-out range is $116,000-$131,000.
If you are married filing jointly, the phase-out range for the 2014 tax year is between joint AGI of $181,000 and $191,000. For 2015, the phase-out range is $183,000-$193,000.
Eligibility to make Roth contributions is unaffected by whether you (or, if you are married, your spouse) are covered by a retirement plan.
You can also consider the idea of converting a traditional IRA into a Roth IRA. We will discuss it in our next blog post.
The annual contribution limits and the contribution deadline for Roth IRAs are the same as for traditional IRAs. The rest of the rules are different.
Contribution age limit: After age 70½, you can still make Roth IRA contributions — as long as you (and/or your spouse if you’re married) have earned income at least equal to what you contribute.
If you are unmarried: eligibility to make Roth contributions for the 2014 tax year is phased out between AGI of $114,000 and $129,000. For 2015, the phase-out range is $116,000-$131,000.
If you are married filing jointly, the phase-out range for the 2014 tax year is between joint AGI of $181,000 and $191,000. For 2015, the phase-out range is $183,000-$193,000.
Eligibility to make Roth contributions is unaffected by whether you (or, if you are married, your spouse) are covered by a retirement plan.
You can also consider the idea of converting a traditional IRA into a Roth IRA. We will discuss it in our next blog post.
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