About the Roth IRA
The Roth IRA, available since 1998 and named after the late senator William V. Roth Jr., a Republican from Delaware, is becoming a more widely available investment option.
The income limit for making a maximum contribution of $4,000 plus $1,000 catch-up (if you are 50 or older) is $95,000 for single individuals and $150,000 for married individuals who file joint federal tax returns.
The amount you can contribute is reduced gradually and then completely eliminated when your modified adjusted gross income exceeds $110,000 (single) or $160,000 (married filing jointly).
The amount you contribute may not exceed your earned income (i.e., wages).