Can I Contribute To My Roth IRA?

Here are the key eligibility considerations:

Earned income: In order to contribute to a Roth IRA, you must have earned income from employment or self-employment. If you don't have earned income, you are not eligible to contribute.

Age: There is no age limit for contributing to a Roth IRA, as long as you have earned income.

Other (traditional) IRA contributions: If you have made contributions to a traditional IRA for the tax year, there may be limits on your ability to contribute to a Roth IRA.

Filing status-based MAGI thresholds: Your eligibility to contribute to a Roth IRA depends on your modified adjusted gross income (MAGI) and filing status. The IRS sets income limits for Roth IRA contributions, and these limits change each year.

To determine your eligibility, you should consult the IRS website or give us a call.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.