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10 Roth IRA Basics You Need to Know

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The IRS imposes income restrictions on the contributions of the Roth IRA. As an individual, you can contribute an annual limit if your modified adjusted gross income is less than $ 124,000. If you are married and reporting together, the income limit is $ 196,000.

The IRS also sets revenue ranges that allow you to reduce your contribution, slightly less than the annual limit. Your tax professional can help you figure out how much less, because it depends on your exact income. The revenue range for individual files that make a reduced contribution is between $ 124,000 and $ 139,000. If you are married and applying together, the range is between $ 196,000 and $ 206,000.

If you are free and earn $ 139,000 or more, you cannot contribute anything to the Roth IRA. The same is true if you are married together and your modified adjusted gross income is $ 206,000 or more.

READ ALSO: Beat the capital gains tax with the Roth IRA

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