$181,000 or less
Learn about the deadlines, income limits, and contribution limits for contributing to Traditional and Roth IRAs each year. Deadline for contributions for the 2014 tax year: April 15, 2015. 1  Contribute to your Fidelity IRA.Log In Required. 2  Set up automatic contributions to your Fidelity IRA.  Limits on contributions depend on your annual earned income amount and your filing status. If you are married and filing a joint return, you can contribute the annual maximum as long as your modified adjusted gross income (MAGI) amount, for both spouses, is $181,000 or less as of tax year 2014. Above this figure, your contribution limit begins to phase out until you reach a MAGI of $191,000. If, for example, your modified AGI is $186,000 (halfway through the phaseout zone), you can each contribute $2,750 to a Roth IRA (half of the contribution amount). For single filers and heads of household, the income levels for the phaseout are $114,000 to $129,000. The $181,000 represents the maximum modified adjusted gross income a married couple filing jointly in 2014 can have and still contribute the full $5,500 to a Roth IRA (or $6,500 if 50 or older anytime during 2014). The ability to contribute money to a Roth disappears entirely if your joint income is $191,000 or more. A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. You cannot deduct contributions to a Roth IRA. If you satisfy the requirements, qualified distributions are tax-free. You can make contributions to your Roth IRA after you reach age 70 ½.  Earned Income Limit. The IRS allows you to open a Roth IRA at any age; contributions are not tax deductible, but withdrawals are tax free if the account's been open for at least five years. Each year, you may deposit additional funds up to the annual contribution limit. If you are married and filing a joint return, you can contribute the annual maximum as long as your modified adjusted gross income (MAGI) amount, for both spouses, is $181,000 or less as of tax year 2014. Above this figure, your contribution limit begins to phase out until you reach a MAGI of $191,000. Basically, a Roth IRA lets your money grow tax-free, and once you retire, withdrawals are tax-free as well. But to open and directly contribute the full annual limit to a Roth IRA, your annual income needs to be less than $114,000 if you're a single taxpayer or $181,000 for a married couple. However, as with a lot of situations involving taxation, there is a way around this rule At $114,000 or less, a full contribution is allowed, while the contribution limit begins to phase out between $114,000 and $129,000. Married, separate filers have a phased-out contribution up to $10,000 of income; over this amount, the IRS does not allow Roth contributions. If you are married and filing a joint return, you can contribute the annual maximum as long as your modified adjusted gross income (MAGI) amount, for both spouses, is $181,000 or less as of tax year 2014. Above this figure, your contribution limit begins to phase out until you reach a MAGI of $191,000. The IRS severely limits the ability to contribute to a Roth IRA for individuals that are married but file separately. If you do not have income you will not be allowed to contribute to a Roth IRA. If your income is less than $10,000 you cannot contribute up to the limit. Your contribution is reduced. Use the IRS worksheet to calculate your new reduced Roth IRA contribution limit. Roth IRA Income Limits for Single Filers. If you file as single, head of household, or married filing separately (if you did not live with your spouse at any time during the year) your income must be less than $116,000 to More on Earned Income. And one other thing to keep in mind. If your earned income is less than your eligible contribution amount, your maximum contribution amount equals your income. In other words, if you have $3,000 in earned income, the most you can contribute to the Roth is $3,000 (instead of $5,500). 2015 Roth IRA Rules-Eligibility, Income, Contribution Limits, and More. Note: The article below refers to the 2015 tax year. Assuming your IRA was opened by Dec. 31, 2015, you have until the tax filing deadline–April 15, 2016–to make a 2015 contribution. If your income falls between $116,000 and $131,000 you cannot contribute up to the limit. Your contribution is reduced. Use the IRS worksheet to calculate your new reduced Roth IRA contribution limit. Roth IRA Income Limits for Single Filers. If you file as single, head of household, or married filing separately (if you did not live with your spouse at any time during the year) your income must be less than $116,000 to
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maximum earnings to contribute to roth ira