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