Who Can Contribute to a Roth IRA?
To contribute to a Roth IRA, a person must meet the following key criteria:
- Earned Income: You must have earned income from wages, salary, tips, or self-employment. Investment income or retirement plan distributions do not count as earned income
- Income Limits: Your modified adjusted gross income (MAGI) must fall below certain IRS limits based on your tax filing status. For 2025:
- Single filers can contribute fully if MAGI is less than $150,000; partial contributions are allowed up to $165,000; no contributions allowed above $165,000.
- Married filing jointly can contribute fully if MAGI is less than $236,000; partial contributions allowed up to $246,000; no contributions above $246,000.
- Married filing separately (if lived with spouse during the year) can contribute partially if MAGI is less than $10,000; no contributions above that
- Age: There is no age limit for contributing to a Roth IRA. Individuals of any age with qualifying earned income and income limits can contribute
- Contribution Limits: For 2024 and 2025, the maximum contribution is $7,000 if under age 50, and $8,000 if 50 or older (including a $1,000 catch-up contribution)
Additional Notes
- Spousal Contributions: If you are married and file jointly, your spouse’s earned income can enable you to contribute to a Roth IRA even if you have no income yourself, as long as your combined MAGI meets the limits
- Third-Party Contributions: Someone else (such as a spouse, parent, or grandparent) can give you money to contribute to your Roth IRA. The contribution must still meet IRS limits and come from non-retirement accounts
- Opening an Account: Anyone can open a Roth IRA, but only those with earned income and within the income limits can contribute
- Penalty for Excess Contributions: Contributions over the allowed limits incur a 6% penalty annually until corrected
Summary
You can contribute to a Roth IRA if you:
- Have earned income,
- Your MAGI is below IRS limits for your filing status,
- You do not exceed the annual contribution limits,
- And you have a Roth IRA account open to receive contributions.
There is no age restriction, and others can contribute funds on your behalf within these rules
