Can I contribute to a Roth IRA if my income exceeds Magi?

Roth IRAs are funded with earned income that is taxed. The IRS prohibits you from contributing to a Roth IRA if your modified adjusted gross income (MAGI) exceeds a certain level. The IRS regularly adjusts contribution limits and the income caps that determine whether you are eligible to contribute to a Roth IRA.

Can I get a Roth IRA if I have earned income?

First and foremost, you must have earned income to be eligible for a Roth IRA. Earned income refers to money received for active work, such as salaries, wages, tips and self-employment income. These earnings are a result of your labor.

Who can contribute to a Roth IRA?

You must have an earned income that falls within certain ranges to contribute to a Roth IRA. Age and employment status do not determine whether you can contribute to a Roth IRA. Although they can offer a powerful and flexible way to save and invest for retirement, not everyone can contribute to Roth IRAs.