• Skip to main content
  • Skip to primary sidebar

Ask Liz Weston

Get smart with your money

  • About
  • Liz’s Books
  • Speaking
  • Disclosure
  • Contact

Q&A: Roth IRA contributions

March 29, 2021 By Liz Weston

Dear Liz: I am a retired public employee and receive most of my compensation in monthly payments, for which I get a 1099R form at tax time. The rest of my compensation also comes in monthly installments and I receive an annual W-2 for that. My question is: Can I deposit my W-2 amount in a Roth IRA?

Answer: You must have earned income to contribute to an IRA or Roth IRA — which you apparently have, since you’re getting a W-2 form from an employer. Your ability to contribute to a Roth begins to phase out with adjusted gross income of $125,000 if you’re single or $198,000 if you’re married filing jointly.

Assuming you’re 50 or older, you can contribute a maximum of $7,000 or 100% of what you earn, whichever is less.

Related Posts

  • Q&A: Backdoor Roth IRA contributions

    Dear Liz: You mentioned in a previous column that a backdoor Roth contribution could be…

  • Q&A: Tax credit for Roth IRA contributions

    Dear Liz: You told a reader that "contributions to a Roth are never deductible." This…

  • Q&A: Roth IRA

    Dear Liz: I have a 401(k) that has a required annual distribution because I am…

  • Q&A: Inherited Roth IRA distributions

    Dear Liz: You recently answered a question about whether someone should use a Roth IRA…

Filed Under: Q&A, Retirement, Saving Money Tagged With: q&a, Roth IRA

Primary Sidebar

Search

Copyright © 2025 · Ask Liz Weston 2.0 On Genesis Framework · WordPress · Log in