What are the eligibility requirements for Roth IRA contributions?
You may contribute to a Roth IRA if you have earned income and your modified adjusted gross income
(MAGI) does not exceed the allowable limits.
If you have a small amount or no earned income yourself, but you are a married person who files a
joint federal income tax return and your spouse has earned income, you may be able to make a
Roth IRA contribution based on your spouse’s earned income.
Consult with a qualified tax advisor to determine your Roth IRA contribution eligibility.
Note: There are additional eligibility requirements for catch-up contributions. (See
“Am I eligible for a Roth
IRA catch-up contribution?”)
Am I eligible for a Roth IRA catch-up contribution?
If you are age 50 or older before the close of the taxable year and are otherwise eligible to make a Roth IRA contribution, you may increase your contribution amount by $1,000. This additional contribution amount is called a catch-up contribution.
What are the income limits for Roth IRA contribution eligibility?
The allowable modified adjusted gross income (MAGI) limits for Roth IRA contribution eligibility are listed below. Generally, as MAGI increases, the maximum amount you are eligible to contribute to a Roth IRA decreases. If your MAGI is equal to or less than the lowest threshold for the applicable tax filing status, you may be eligible to contribute the maximum amount to a Roth IRA. If your MAGI is equal to or exceeds the highest threshold for the applicable tax filing status, you may not make a Roth IRA contribution. If your MAGI falls within the threshold range, the amount that may be contributed to a Roth IRA is an amount less than the full amount. The MAGI limits are evaluated for cost-of-living each year and adjusted when applicable.
MAGI Limits for Roth IRA Contribution Eligibility
|Tax Filing Status
|Married Filing Jointly
$183,000 - $193,000 (2015)
$181,000 - $191,000 (2014)
|Married Filing Separately (lived together during the year)
||$0 - $10,000 (2014 and 2015)
|Single, Head of Household, Married Filing Separately (did not live together during the year)
$116,000 - $131,000 (2015)
$114,000 - $129,000 (2014)
Is there an age restriction (i.e. maximum or minimum) on Roth IRA contributors?
No, there is no maximum or minimum age requirement for making Roth IRA contributions. It is important to note, however, while there are no minimum age restrictions for Roth IRA contribution eligibility with respect to federal law, state laws may restrict the ability of a minor to enter into a contract and establish a Roth IRA. Consult with a qualified tax advisor and your financial institution for additional information on minors establishing IRAs.
What is the maximum amount that I can contribute to a Roth IRA?
For 2014 and 2015, the maximum amount that you may contribute for a regular or spousal contribution to a Roth IRA is generally $5,500. If you are eligible for a catch-up contribution, you may generally contribute an additional $1,000 for a total of $6,500 for 2014 and 2015. (The maximum amount for regular and spousal contributions is evaluated annually for cost-of-living and adjusted when applicable.)
Can I contribute to both a Roth and a Traditional IRA for the same year?
If you meet contribution eligibility requirements for both Roth and Traditional IRAs, you may contribute to both for the same year. However, the contributions made between the two IRAs, in aggregate, cannot exceed the contribution limit.
Can I contribute to multiple Roth IRAs?
If you have more than one Roth IRA, the contribution limit applies to the total amount of regular contributions you make to all of your Roth IRAs for the year. If you also have a Traditional IRA, your contribution limit is reduced by any regular contributions you make to your Traditional IRA for the same tax year.
What is the deadline for making a Roth IRA contribution?
The deadline for making Roth IRA contributions (i.e., regular contributions, spousal contributions and
catch-up contributions) is your tax-filing deadline for the year, which is usually April 15th.
The IRA contribution deadline does not include any tax filing extensions. For example,
most IRA owners had until April 15, 2015 to make Roth IRA contributions for 2014.
What is a carryback contribution?
A contribution made between January 1 and April 15 for the prior tax year is called a carryback
contribution. If you make a contribution between January 1 and April 15, tell your IRA
custodian/trustee which tax year the contribution is for. If you do not indicate otherwise, the
custodian/trustee will typically report it to the IRS as a current year contribution.