There are no income limits for a traditional IRA, but how much you earn has a direct bearing on how much you can contribute to a Roth IRA.
Is your income OK for a Roth IRA?
Whether or not you can make the maximum Roth IRA contribution ($5,500 annually, or $6,500 if you're age 50 or older) depends on your tax filing status and your modified adjusted gross income (MAGI).
Your contribution can be reduced or "phased out" as your MAGI approaches the upper limits of the applicable phase-out ranges listed below.
2014 Roth IRA phase-out ranges
Filing status: Single
Income range: $114,000–$129,000
Filing status: Married, filing jointly
Income range: $181,000–$191,000
Filing status: Married, filing separately*
Income range: $0–$10,000
If your income qualifies
Your next step is to determine how much you can contribute, based on your level of income.
