Question for the Money Doctors
Question submitted on Apr 15, 2010.
QuestionIs there an upper income limit after which you can't contribute to a Roth IRA?
Yes, there is an upper limit for income when contributing to a Roth IRA.
For single taxpayers, the Roth IRA limit is fully available at $105,000 and under. Between $105,000 and $120,000 of income, it phases out. Over $120,000, it is fully phased out.
For married taxpayers, the Roth IRA limit is fully available at $166,000 and under. Between $166,000 and $176,000 of income, it phases out. Over $176,000, it is fully phased out.
For more detailed information; http://www.irs.gov/publications/p590/ch02.html#en_US_publink1000230977
For additional information visit http://www.360financialliteracy.org/