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Individuals are subject to eligibility requirements to open a Roth IRA. |
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Contributions can be made to a Roth IRA regardless of age. |
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If contributions are made to only Roth IRAs your contribution limit generally is the lesser of $4000 ($5000 if you are age 50 or older) or your taxable compensation. However, if your modified Adjusted Gross Income is above a certain amount, your contribution limit may be reduced. |
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You can make contributions to your Roth IRA at any time during the year or by the due date for your return that year (not including extensions). |
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Further details on IRA provisions may be found at no cost by accessing the IRS website. |
