July 14, 2006, Newsletter Issue #26: Roth IRA Eligibility
Tip of the Week
A Roth IRA is an individual retirement account that allows your contributions to grow tax-free. To determine whether or not you're eligible to contribute to a Roth IRA, you'll need to know your adjusted gross income. For most people, this can be found on your 1040 tax form. If you're single and your adjusted gross income is less than $95,000 you can contribute to a Roth IRA and receive all of the tax benefits. If your AGI is between $95,000 and $110,000 you can contribute, but you will receive fewer tax benefits. If you are married and file jointly, your adjusted gross income must be less than $150,000 for full tax benefits and between $150,000 and $160,000 for partial tax benefits. These limits are modified frequently, so check the IRS Web site for information about upcoming changes.
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