There are several options for adding amounts to your Roth IRA. The following are two of these options.
1.You can make a Roth IRA contribution of up to $5,500 ($6,500 if you reach age 50 by December 31). To be eligible to make these contributions, you must have taxable compensation for the year, and your modified adjusted gross income (MAGI) cannot exceed certain amounts. Please click here for the amounts
2.You can convert amounts from your Traditional, SEP or SIMPLE IRA ; or rollover eligible amounts from your account under an employer plan, such as a qualified plan governmental 457(b) or 403(b) plan. For this option, you do not need to have income.Prior to January 1, 2010, you were not eligible for the conversion/rollover option, if your MAGI was more than $100,000, and/or your tax filing status was married-filing-separately. However as of January 1, 2010, these restrictions are no longer in effect, allowing everyone who desires to do so, to fund a Roth IRA through a conversion/rollover.
For more on funding IRAs, see the articles Back to Basics- Funding Your IRAand Traditional or Roth IRA Contribution- Making The Choice
Download the Roth IRA Funding Options Quick Reference Guide for only $4.75 at http://irapublications.com/shop/catalog/browse
