How much can I contribute to a Roth IRA?
Answer:
In 2013, the maximum contribution is $5,500 if you are under age 50 and $6,500 if you are older than age 50. However, you are subject to the phase out rules, based upon your income level. Please find the information on phase out rules or contact a local CPA for greater details and how it impacts our situation.
In 2014: The AGI phase-out range for taxpayers making contributions to a Roth IRA is $181,000 to $191,000 for married couples filing jointly, up from $178,000 to $188,000 in 2013.
For singles and heads of household, the income phase-out range is $114,000 to $129,000, up from $112,000 to $127,000.
For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000
In 2014: The AGI phase-out range for taxpayers making contributions to a Roth IRA is $181,000 to $191,000 for married couples filing jointly, up from $178,000 to $188,000 in 2013.
For singles and heads of household, the income phase-out range is $114,000 to $129,000, up from $112,000 to $127,000.
For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000
