2010 Roth Income Limitations

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Posted by TJ on Monday April 5, 2010 @ 10:54 AM
[Tags: accounting, taxes, guide]

The table below summarizes the income limitations on Roth contributions for 2010

If You Have Taxable Compensation and Your Filing Status Is...	And Your Modified AGI Is...	Then...
married filing jointly or qualifying widow(er)	Less than $167,000	you can contribute up to the limit ($5,000, or $6,000 if over age of 50).
	at least $167,000 but less than $177,000	the amount you can contribute is reduced.
	$177,000 or more	you cannot contribute to a Roth IRA.
married filing separately and you lived with your spouse at any time during the year	�zero (-0-)	you can contribute up to the limit ($5,000, or $6,000 if over age of 50).
	�more than zero (-0-) but less than $10,000	�the amount you can contribute is reduced.
	�$10,000 or more	you cannot contribute to a Roth IRA.
single, head of household, or married filing separately and you did not live with your spouse at any time during the year	less than $105,000	you can contribute up to the limit ($5,000, or $6,000 if over age of 50).
	at least $105,000 but less than $120,000	the amount you can contribute is reduced.
	$120,000 or more	you cannot contribute to a Roth IRA.

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2010 brings a number of important tax law changes relating to Roth IRA conversions. Most notably, the previous income and tax filing status limits have been discontinued. This means that anyone with an existing Traditional or Rollover IRA is now eligible for a Roth IRA conversion.

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