age limit for roth ira
Quick Summary. 1  You may only contribute to a Roth IRA if you make less than a certain amount of money: $132,000 for single filers and $194,000 for married couples. 2  The maximum annual direct contribution to a Roth IRA is $5,500 unless you are age 50 or over in which case it is $6,500. Note: The article below refers to the 2016 tax year. You have until the tax filing deadline–April 17, 2017–to make a 2016 contribution. Contribution limits will stay the same for 2016, but income limits increased slightly. When it comes to a Roth IRA, “rules” is a subjective term. The same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income. 2016 - Amount of Roth IRA Contributions You Can Make for 2016. 2017 - Amount of Roth IRA Contributions You Can Make for 2017. Retirement Topics - IRA Contribution Limits. For 2015, 2016, and 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than: $5,500 ($6,500 if you’re age 50 or older), or. your taxable compensation for the year, if your compensation was less than this dollar limit. You may only contribute to a Roth IRA if you make less than a certain amount of money: $132,000 for single filers and $194,000 for married couples. The maximum annual direct contribution to a Roth IRA is $5,500 unless you are age 50 or over in which case it is $6,500. Limits on Roth IRA contributions based on modified AGI. Your Roth IRA contribution might be limited based on your filing status and income. 2017 - Amount of Roth IRA Contributions You Can Make for 2017. 2016 - Amount of Roth IRA Contributions You Can Make for 2016. For 2015, 2016, and 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than: 1  $5,500 ($6,500 if you’re age 50 or older), or. 2  your taxable compensation for the year, if your compensation was less than this dollar limit. A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. 1  You cannot deduct contributions to a Roth IRA. 2  If you satisfy the requirements, qualified distributions are tax-free. 3  You can make contributions to your Roth IRA after you reach age 70  ½. A Roth IRA is an individual retirement arrangement (IRA) described in section 408A of the Internal Revenue Code. A myRA® is a Roth IRA, so it is subject to the same rules that apply generally to Roth IRAs. Your Roth IRA contribution might be limited based on your filing status and income. 1  2017 - Amount of Roth IRA Contributions You Can Make for 2017. 2  2016 - Amount of Roth IRA Contributions You Can Make for 2016.
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