Here are the roth contributions rules:
- Only earned income can be contributed to a Roth IRA.
- You can contribute to a Roth IRA only if your income is less than a certain amount (under $139,000 for singles, $206,000 for married couples in 2020)
- The maximum contribution for 2020 is $6,000; if you’re age 50 or over, it is $7,000.
- You can withdraw contributions tax-free at any time, for any reason, from a Roth IRA.
If your only income is pensions, stock and bonds etc., then your contribution may not be allowed because you have no earned income for the year. Earned income includes income such as W2 income or self-employment income.
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