Who is Eligible?
You must have eligible income/ compensation to contribute to a Roth IRA. The current maximum contributions is the same as traditional IRA, $5,500 OR $6,500 if you are at least 50 years old by December 31, 2016. 154am
Are There Other Contributions Limits?
Yes. If your MAGI is over a certain amount for your filing status, your ability to contribute to your Roth IRA will be reduced. Your retirement distribution expert can help you determine your allowable contribution.
Can I Still Contribute to my Roth even though i’m over 70?
Yes if you are meeting other qualifications. Unlike traditional IRA’s, eligible contributions may be made to your Roth IRA regardless of your age.
May I Still Contribute to My Roth IRA as an Active Participant in My Workplace Plan?
Yes. Being an active participant in your workplace retirement plan doesn’t impact your ability to contribute to your Roth IRA.
Are My Roth Contributions Deductible?
No. Roth IRA contributions are never deductible on your tax return.
May I make Contributions to the Roth IRA I Inherited From My Sister?
No. Non- spouse beneficiaries are not permitted to make contributions to an inherited Roth IRA.
Source: Tax Tips America’s Tax Solution Photo: Pexel
Rhonda A. Mannes,