Who Is Eligible to Contribute to a Roth IRA?
Roth IRA eligibility phases out at higher income levels. For 2026, single filers can contribute the full amount if their modified adjusted gross income (MAGI) is below $150,000, with a phase-out up to $165,000. Married couples filing jointly phase out between $236,000 and $246,000. High earners may use the backdoor Roth strategy to contribute indirectly.
What Are the Roth IRA Contribution Limits?
In 2026, you can contribute up to $7,000 per year to a Roth IRA ($8,000 if you're 50 or older). This limit is shared across all your IRA accounts — traditional and Roth combined. You must have earned income equal to or greater than your contribution amount.
When Can You Withdraw From a Roth IRA Tax-Free?
To take fully tax-free and penalty-free withdrawals, your Roth IRA must be at least five years old and you must be age 59½ or older. You can withdraw your contributions (not earnings) at any time without taxes or penalties since you already paid tax on them. Earnings withdrawn early may be subject to taxes and a 10% penalty.
Frequently asked questions
Is a Roth IRA better than a traditional IRA?
It depends on your tax situation. A Roth IRA is generally better if you expect to be in a higher tax bracket in retirement or want tax-free income later. A traditional IRA is better if you want a tax deduction now and expect lower taxes in retirement.
Can I have both a Roth IRA and a 401(k)?
Yes. Contributing to a Roth IRA and a 401(k) simultaneously is allowed and often recommended. They have separate contribution limits, so maxing out both is possible if your income allows it.