| Feb-10-2004 - Confused about whether you can contribute to a Roth IRA? Check these simple rules:
Income:
To contribute to a Roth IRA, you must have compensation (e.g., wages, salary, tips, professional fees, bonuses). Your modified adjusted gross income must be less than:
- $160,000 — Married Filing Jointly
- $10,000 — Married Filing Separately (and you lived with your spouse at any time during the year)
- $110,000 — Single, Head of Household, or Married Filing Separately (and you did not live with your spouse during the year).
Age:
There is no age limitation for Roth IRA contributions. Unlike traditional IRAs, you can be any age and still qualify to contribute to a Roth IRA.
Contribution Limits:
In general, if your only IRA is a Roth IRA, the maximum 2003 contribution limit is the lesser of your taxable compensation or $3,000 ($3,500 for those age 50 or over). The maximum contribution limit phases out if your modified adjusted gross income is within these limits:
- $150,000-$160,000 — Married Filing Jointly
- $0-$10,000 — Married Filing Separately (and you lived with your spouse at any time during the year)
- $95,000-$110,000 — Single, Head of Household, or Married Filing Separately (and you did not live with your spouse)
Contributions to Spousal Roth IRA:
You can make contributions to a Roth IRA for your spouse provided you meet the income requirements.
When to Make Contributions?
Contributions to a Roth IRA can be made at any time during the year or by the due date of your return for that year (not including extensions) | 
