That depends on your income, in order to contribute to a Roth IRA, you need to have earned income and your modified adjusted gross income (MAGI) must fall within specific limits depending on your filing status.
You must have compensation (wages, salary, tips, etc.) to contribute to a Roth IRA. If you have a W-2 you have earned income. The IRS sets contribution limits, you can't contribute more than your earned income for the year, even if you are within the income limits. If you have a net loss from self-employment, you do not subtract the loss from your salaries or wages when figuring your total compensation.
If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $150,000 for the tax year 2025. $146,000 for the tax year 2024 to contribute to the full $7000 to a Roth IRA. Once you make over $165,000 ($161,000 for 2024), you're not allowed to contribute anything.
Click here for "Publication 590-A (2024), Contributions to Individual Retirement Arrangements (IRAs)"
Click here for "Boost Your Retirement Savings"
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