Are there eligibility conditions for making a Roth IRA contribution?

  1. Yes. Conditions are your filing status and your “modified adjusted gross income” or MAGI
    1. Filing Single, Head of Household, or Married Filing Separately and you did not live with your spouse at any time during the year
      1. Your MAGI is $118,000 or less: full contribution up to the limit
      2. Your MAGI is more than $118,000 but less than $113,000: a reduced amount
      3. Your MAGI is $133,000 or more: no Roth contribution
    2. Married Filing Jointly or Qualifying Widow(er)
      1. Your MAGI is $186,000 or less: full contribution up to the limit
      2. Your MAGI is more than $186,000 but less than $196,000: a reduced amount
      3. Your MAGI is $196,000 or more: no Roth contribution
    3. Married Filing Separately and you had lived with your spouse at any time during the year
      1. Your MAGI is $10,000 or less: a reduced amount
      2. Your MAGI is $10,000 or more: no Roth contribution
  2. There are no income restrictions when making Roth contributions to a 401(k).
  3. Unlike when determining if your IRA contributions are deductible, the fact that you are “covered” by a workplace retirement plan is not a consideration.