Generally, individual annual contributions are limited to 100% of earned income, up to $5,500 ($6,500 if age 50 or older) for tax year 2013.
Spousal Contributions are allowed if married and filing jointly, and are generally limited to 100% of earned income, up to $5,500 ($6,500 if age 50 or older) for tax year 2013.
To be eligible to make the maximum contribution to a Roth IRA, your Modified Adjusted Gross Income (MAGI) must fall within a certain range.
For more information, refer to our chart on Retirement Plan Limits.
Eligibility for a Roth conversion was greatly simplified when Congress eliminated the $100,000 income limitation as of 2010. There are still some important requirements and rules concerning conversion eligibility, however. The general rule is that if you're able to take a distribution that is eligible for a rollover, you are also allowed to do a conversion.
Rollover within 12 months
Normally you aren't allowed to do more than one rollover from or to the same IRA within a 12-month period. This rule applies to Roth IRAs, too, but with a special exception. For purposes of this rule you're permitted to disregard a conversion from a traditional IRA to a Roth IRA, even if the conversion takes the form of a rollover.
For more information on Rollovers, click here.
For information that is specific to your situation, please consult your tax adviser.
For further questions on Net Income Attributable, please contact a Shareholder Services Representative at 800-422-1050, Monday through Friday between the hours of 8:00 a.m. and 6:00 p.m. Eastern time.