Maybe. It depends on your particular circumstances. You must have earned income during the year (typically, wages or self-employment income). Beyond that, your eligibility for a Roth IRA will hinge on two primary considerations: your adjusted gross income for the year and your income tax filing status. In a given tax year, it’s possible you may qualify to contribute the maximum amount allowed by law, a lesser amount, or nothing at all. The maximum contribution is $5,500 in 2017 (unchanged from 2016). In addition, if you’re age 50 or older, you can make an extra “catch-up” contribution of $1,000 a year in 2016 and 2017.
| If your filing status is: | Your ability to contribute to a Roth IRA is limited if your modified adjusted gross income is: | You cannot make a contribution to a Roth IRA if your modified adjusted gross income is: |
| Single or head of household | At least $118,000 but less than $133,000 | $133,000 or more |
| Married filing jointly or qualifying widow(er) | At least $186,000 but less than $196,000 | $196,000 or more |
| Married filing separately | More than $0 but less than $10,000 | $10,000 or more |
Your allowable Roth IRA contribution for a given year may be reduced by contributions made to other IRAs during the same tax year. For example, even if you qualify to contribute the full $5,500 to a Roth IRA in 2017, you will be able to put in only $1,000 if you’ve already contributed $4,500 to your traditional IRA for that same year.
Copyright 2006- Broadridge Investor Communication Solutions, Inc. All rights reserved.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Coastal Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.
Trust Services are available through MEMBERS Trust Company. CFS* is not affiliated with Members Trust Company.
