The 2014 contribution limit for Roth IRAs is $5,500 ($6,500 if you're age 50 or older). You can contribute up to the limit unless you earn less than that amount. You cannot contribute more than your taxable compensation for the year.

In addition to an absolute limit, there are income limits to contributing to a Roth IRA. The following table shows how much you can contribute depending on your marital status for tax purposes and your income. If you fall in the "reduced amount" category, your contribution amount is phased out linearly. For example, if you are single and earn $119,000, you fall one-third of the way into the phase-out range. (The range is $114,000 to $129,000, a range of $15,000, and you fall $5,000 into the range and $5,000 is one-third of the $15,000 range.) Since you are one-third of the way into the phase-out range, you would lose one-third of your contribution limit. This would leave you with a contribution limit of $3,333 (two-thirds of $5,000 is $3,333). For more details on this calculation, please visit the IRS website.

Roth contribution limits by income and tax filing status

Income

Single or Head of Household

Qualified Widow(er)

Married (Filing Jointly)

Married (Filing Separately)*

$0 to $10k

Full amount

Full amount

Full amount

Zero

$10 to $114k

Full mount

Full amount

Full amount

Zero

$114k to $129k

Reduced amount

Full amount

Full amount

Zero

$129k to $181k

Zero

Full amount

Full amount

Zero

$181k to $191k

Zero

Reduced amount

Reduced amount

Zero

Above $191k

Zero

Zero

Zero

Zero

*Married (filing separately) can use the limits for single people if they have not lived with their spouse in the past year.

Traditional IRAs
Anyone can contribute to a Traditional IRA, but to deduct your contributions from your taxable income, you must meet the following income requirements. For more information on calculating partial deductions, please see the IRS website.

If you do have a retirement plan offered at work:

Income

Single or Head of Household

Qualified Widow(er)

Married (Filing Jointly)

Married (Filing Separately)

$0 to $10k

Full deduction

Full deduction

Full deduction

Partial deduction

$10k to $60k

Full deduction

Full deduction

Full deduction

No deduction

$60k to $70k

Partial deduction

Full deduction

Full deduction

No deduction

$70k to $96k

No deduction

Full deduction

Full deduction

No deduction

$96k to $116k

No deduction

Partial deduction

Partial deduction

No deduction

Above $116k

No deduction

No deduction

No deduction

No deduction

If you do not have a retirement plan offered at work:

Spouse's Plan Status

Single

Married (Filing Jointly)

Married (Filing Separately)

Spouse does have plan offered at work

Full deduction

Full deduction up to income of $181k; partial deduction from $181k to $191k; no deduction above $191k

No deduction if income above $10k; partial deduction below

Spouse does not have plan offered at work

Full deduction

Full deduction

Full deduction

The backdoor Roth IRA for high-income earners
While there are income limits on who can contribute to a Roth IRA and who can deduct contributions to a Traditional IRA, there are no longer limits on who can convert a Traditional IRA to a Roth. This means that anyone, regardless of income, can contribute to a Traditional IRA and immediately convert it to a Roth IRA. For more details and caveats, please see our complete article on backdoor Roth IRAs.

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