Am I eligible to contribute to a Traditional or Roth IRA?
The following charts explain the eligibility requirement for contributions.
|Eligibility Requirements for Contributions|
|Traditional IRA||1. Must have earned income
2. Must be under age 70½
|Roth IRA||1. Must have earned income
2. Must be within limits
|Modified Adjusted Gross Income (MAGI) Limits for Roth IRA Contributions|
|Married, Filling Joint||$193,000||$194,000|
|Married, Filing Separate||$10,000||$10,000|
If your MAGI is under the applicable income limits, you may make a contribution to a Roth IRA as long as you have earned income For more detail, see "What are the phase-out ranges for a Roth IRA contribution?".