You can make contributions after you reach age 70 1/2, however, you must still receive compensation. There is an exception that allows Roth accounts for nonworking spouses. Ifyou and your spouse file a joint return but one does not work, the employed spouse can open and contribute to a Roth IRA for the unemployed partner.
The maximum amount you can contribute to all IRAs must be the lesser of these:
Your taxable compensation for the year
$6,500, the maximum IRA contribution for 2017 with catch-up contributions.
However, to figure the maximum amount you can contribute to a Roth IRA for a year, you must combine the contributions you made to all IRAs. This includes both traditional and Roth IRAs. So, your contribution limit is the lesser of:
Your maximum allowable contribution minus all IRA contributions for the year.
Your taxable compensation minus all IRA contributions for the year.
When figuring your contribution limit, don’t subtract employer contributions under a SEP or SIMPLE IRA plan.
The amount you can contribute to a Roth IRA:
Begins to phase out when your modified AGI reaches $114,000 — or $181,000 if married filing jointly
Is phased out completely when your income is more than $129,000 — or $191,000 if married filing jointly
Married couples filing separately can’t make Roth IRA contributions if both of these are true: