What are the contribution limits to contributing to a Roth IRA?

[Rachel_W]

The contribution limit for an IRA is the lesser of your earned income or $5,500 ($6,500 if age 50 or over).

The ability to contribute to a Roth IRA phases out based on your Modified Adjusted Gross Income (MAGI) and filing status:

• Married Filing Joint & Qualified Widow:  $186,000 - $196,000

• Single & Head of Household:  $120,000 - $135,000

• Married Filing Separate   $0 - $10,000  (Note: Married individuals living apart all year are treated as Single)