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.Continue Reading
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.Learn more about Financial Planning