What Are the Salary Restrictions for a Roth IRA?
A Roth Individual Retirement Account is a way to save money for retirement. To make contributions to a Roth, an individual must meet specific income requirements for his tax filing status.
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About Roth IRA
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A Roth Individual Retirement Arrangement is a retirement plan that can be an account or annuity. An individual can establish a Roth at any time up to the due date of his federal income tax return.
Married Couple Filing Jointly
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A married couple filing a joint tax return or a qualifying widow can have a modified adjusted gross income up to $166,000. He can make contributions up to $5,000 each year or $6,000 if older than age 50. A married couple with an income more than $176,000 cannot contribute to a Roth.
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Single
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Individuals filing as single or head of household, with a modified adjusted gross income less than $105,000, can contribute $5,000 or $6,000 if older than age 50. If the modified adjusted gross income is more than $120,000, he cannot contribute to a Roth.
Married Filing Separately
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If an individual has a filing status of married filing separately and lived with his spouse for any part of the year, he cannot contribute with a modified AGI greater than $10,000.
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