How much can you contribute to an IRA or ROTH IRA for the 2011 calendar year?
- $5,000 for those age 49 and under
- $6,000 for those age 50 and older
2011 ROTH IRA Contribution Deadline
You have until April 15th of 2012 to make your 2011 ROTH IRA contribution.
Earned Income Rules and Limits For 2011 ROTH IRA Contributions
You must have earned income to make a ROTH IRA contribution. The amount of earned income you have must equal or exceed the amount of your ROTH IRA contribution.
- If you have enough earned income, you may also make a ROTH IRA contribution for a non-working spouse.
- If you have too much income then you are not eligible to make a ROTH IRA contribution.
Do You Have Too Much Income To Make A 2011 ROTH IRA Contribution?
- For single filers, your ability to contribute to a ROTH IRA is phased out as your adjusted income reaches the range of $107,000 - $122,000.
- For married filing jointly, your ability to contribute to a ROTH IRA is phased out as your adjusted income reaches the range of $169,000 - $179,000.
If you are eligible to make a ROTH IRA contribution based on the rules above, then you can contribute to a ROTH IRA in addition to your company sponsored retirement plan.
