Q:

What are the requirements for Roth IRA eligibility?

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Quick Answer

Eligibility for contributing to a Roth IRA is dependent on limits set by the IRS on income for each year of contributions, according to RothIRA.com. Marital status also impacts the determination of the yearly limits.

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Full Answer

As of 2014, single people must earn less than $114,000 to be eligible to contribute to a Roth IRA, according to RothIRA.com. Those who are married and filing jointly, or those who are qualified widows or widowers, must earn less than $181,000 to be eligible to contribute.

Those who are married but filing separately must earn less than $10,000 yearly to be eligible to contribute.

RothIRA.com specifies that if a person's income falls below these limits, then she is eligible to contribute to a Roth IRA. The maximum contribution depends on age. If she is under the ago of 50, she can put as much as $5,500 into a Roth IRA. If she is 50 years old or older, she can contribute an additional $1,000 for a total of $6,500. Contributions to a Roth IRA can be made from January 1 of the current year to April 15 of the following tax year. Contributions to a Roth IRA are post-tax dollars so no taxes are charged after retirement.

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