Roth IRA Contribution Limits

What are the Roth IRA contribution limits?

As of 2009, you can make a maximum annual contribution of the dollar amounts listed below, depending on your age and current income.

Since there's no age limit on who can and can not open a Roth IRA, the only factor effecting eligibility is the amount of earned income you generate...

Roth IRA Income Limits

Your Roth IRA contribution limit is determined by the amount of earned income you have.

See Roth IRA Income Limits for more detailed information.

Below is a listing of the income limit guidelines for contributing to a Roth IRA:

• $176,000 for married individuals who file a joint tax return.
• $10,000 for married individuals who file a separate tax return and lived with their spouse at any time during the course of the tax year.
• $120,000 for individuals who file as:

• Single
• Head of household
• Married filing separately and did not live with their spouse at any time during the course of the tax year.

Unfortunately, if your earned income exceeds these thresholds, you can NOT contribute to a Roth IRA...

For a more detailed breakdown of where you stand, look below to find your IRS filing status...

You're Married Filing Jointly or a Qualifying Widow(er)...

If this describes your IRS tax filing status, you can contribute a maximum of...

• $5,000 if you're under 50 and your earned income is $166,000 or less
• $6,000 if you're over 50 and your earned income is $166,000 or less
• $0 regardless of age if your earned income is $176,000 or more

If your earned income is between $166,000 and $176,000, your maximum contribution amount is gradually phased out to zero.

If this is the case, you need to consult with your accountant in order to determine the exact amount you can legally contribute.

You're Single, Head of Household, or Married Filing Separately...

If this describes your IRS tax filing status, you can contribute a maximum of...

• $5,000 if you're under 50 and your earned income is $105,000 or less
• $6,000 if you're over 50 and your earned income is $105,000 or less
• $0 regardless of age if your earned income is $120,000 or more

If your earned income is between $105,000 and $120,000, your Roth IRA contribution limit is gradually phased out to zero.

If this is the case, you need to consult with your accountant in order to determine the exact amount you can legally contribute.

See Roth IRA Phase Out to learn how to calculate your contribution limit.

You're Married Filing Separately...

If you're filing status is married filing separately, and...

You lived with your spouse at any time during the year, you can contribute a maximum of...

• $5,000 if you're under 50 and your earned income is $0
• $6,000 if you're over 50 and your earned income is $0
• $0 regardless of age if your earned income is $10,000 or more

If your earned income is between $1 and $10,000, your maximum contribution amount is gradually phased out to zero.

If this is the case, you need to consult with your accountant in order to determine the exact amount of your Roth IRA contribution limit.

See Roth IRA Phase Out to learn how to calculate your contribution limit.

Special Exemptions

You may qualify to contribute up to $8,000 if you participated in a 401(k) plan maintained by an employer who went into bankruptcy in an earlier year.

If you think you qualify for this exemption to the maximum contribution amount, consult with your accountant to see exactly where you stand.

Additional Information on Roth Contributions

2010 Contribution Limits

What are the 2010 contribution limits? Is it true that income limits for making a Roth IRA contribution disappear in 2010, or is that just a myth? Knowing the truth about changes to the 2010 tax laws governing your Roth IRA can save you thousands of dollars and countless of hours of unnecessary aggravation. So take the time to learn the 2010 contribution rules.

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