Eligibility for Roth IRA
January 25th, 2012 | 
Author: Before you start planning for your Roth IRA, you should first assure yourself regarding the eligibility to earn rewards offered by Roth IRA that helps investors earning under $122,000 per annum. So, you need to ensure your eligibility to open a Roth IRA.
Age is an Important Factor
Till your earnings continue coming each year you will be allowed to contribute to IRA. Carry-over of your IRA contribution even after you retire is possible, but it is advisable to do it at a young age as it is the compound interest that makes the Roth IRA a huge support for the golden days after you retire.
Income Counts
Roth IRA is provided to those being thought about as “middle class” unlike a customary IRA. As a single applicant your income cannot exceed $122,000 per year and $177,000 if you are applying jointly with your better half.
How much can You Contribute?
Contribution limits are set on Roth IRA; you’ll be allowed to contribute up to $5,000 per year. If your age is over 50, then only you can deposit $1,000 every year to catch up with the preceding five year period. It is to be noted that you are allowed multiple Roth IRA account and you are entitled to contribute in all of them. Another important thing is that despite being married if you are filing individually, there will be a deposit restriction to IRAs if your salary exceeds $10,000 per annum.
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