Who can contribute and how much? Any individual who has earned income may contribute to a Roth IRA. (There are income thresholds, which may reduce the amount you can contribute.) And, there is no 70½ age limit on making contributions. Here are a few details about annual contributions.
Individuals may contribute up to $5,000 in 2009, if their modified adjusted gross income (MAGI) is less than $120,000.
Married couples filing jointly may contribute up to $10,000 in 2009, if their MAGI is less than $176,000.
Any individual who is 50 years of age or older by the end of the current year,
will be able to make an additional catch-up contribution of $1,000 per year.
