age limit roth contribution
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. 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. 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. 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. 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. Is there a penalty for withdrawals taken before age 59½? There are no penalties on withdrawals of Roth IRA contributions. But there's a 10% federal penalty tax on withdrawals of earnings. With a traditional IRA, there's a 10% federal penalty tax on withdrawals of both contributions and earnings. 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. 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. 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.
50 or older