But, before you start
But, before you start pouting, let me share with you what the eligibility requirements are. In general, if you are single with an adjusted gross income (AGI) of less than $110,000, or if you are married with a combined AGI of less than $160,000, then you are eligible to make at least partial contributions into a Roth IRA each year. Here is the breakdown of eligibility:
Single
Full Contribution if AGI is $95,000 or less
Partial Contribution if AGI is between $95,001 and $110,000
Married (Filing Jointly)
Full Contribution if AGI is $150,000 or less
Partial Contribution if AGI is $150,000 and $160,000
Maximum Contribution Limit
2005 to 2007 $4,000
2008 $5,000
Future years will be indexed for inflation.
The eligibility requirements make it relatively easy to qualify for making contributions to a Roth IRA, because most people don’t make such large amounts of money.
allowance for kids
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