A few years back I was planning out my retirement scanning through various ways to save for my retirement and one option I came across that interested me was the Roth IRA.  The reason I was so impressed with it was because it allowed me to stick after tax dollars into the account without having to pay taxes on the earning I made when I retired.  This it literally the only retirement account of its kind to do this.

In this article I’m going to show you what it takes to qualify for a Roth IRA and if you don’t I will also give you some suggestions as to other places you can turn to.

Do I Qualify For A Roth IRA

First off their in no age limit to apply for this type account.  You can be 16 or you can be 60 it does not matter.  However in order to open the account you are required to be earning some sort of income from a job or some sort of asset such as real estate.

Second, their are contribution limits as to how much you can put into a Roth account.  For anyone under the age of 50 you can only contribute up to $5000 as of 2010.  However if you are over the age of 50 you will be allowed to contribute an extra $1000 on top of the already $5000 contributed.

Third, contributions can be withdrawn up to 5 years after funding an account.  However any earning that you make cannot be withdrawn until the age of 59 and a half.  You will also only be able to withdraw the money before retirement for a specific reason also such as facing a hardship or buying your first home.

Fourth, spouses can also contribute income as well.  However in order to do this the couple has to be filing jointly on their tax returns and they must also be earning an income as well.

Fifth, contributing to other retirement plans such as your companies 401k program or 403b program will not effect the amount of money you will be able to contribute to your Roth IRA account.

The sixth and final Roth IRA qualification is that you cannot exceed certain income limits.  First off if you are filing a single tax return you will be able to earn up to as much as $120,000 adjusted gross income before they will not allow to contribute anymore.  If you are filing jointly you can earn as much as $177,000 adjusted gross income.

What To Do If You Don’t Qualify

So there  you have it, the qualifications for Roth IRA accounts.  However you might be wonder what you should do if you can’t meet those guidelines.   So here are a few ideas.

  • Look into work related retirement accounts. If you can’t qualify for a Roth IRA you may be able get on your companies 401k or 403b plan.  However these accounts will have different tax rules.  They will also allow you to contribute as much as $16,500 a year under the age of 50 and if you are over 50 you can put in as much as $22,000.
  • The next option is a non qualified annuity. The benefit with this type of retirement investment is that they can still give you the tax deferred earning like your 401k plan but their no contribution limits.  However one downside to annuities is that they can be very pricey and expensive when compared to similar investments.
  • Solo 401k or Simple IRA Plans. Finally, if those two options don’t work the final option you may be able to consider is if you own a business.  If you are a sole proprietor with no employees you may be able to consider the solo 401k which is similar to the regular 401k however it is meant for the one person business owner.  Another option is the simple IRA.  This is an employee based retirement plan that allows you to contribute as much as $11,500 under the age of 50 and as much as $14,000 over the age of 50.

What Works For You

Obviously, the Roth IRA qualifications have more strings attached but they also have some big benefits that I explained earlier.  If you would like to learn more about how the Roth or any of the other accounts my be able to help you out saving for retirement, contact you financial professional and they should be able to help you out.

About Christopher

Chris is a personal finance blogger with Stumble Forward helping people avoid life's financial mistakes and live a higher quality financial life.

Connect with Chris on


  1. […] However in order to get this great benefit of the Roth IRA you will have to qualify for it and in this article I’m going to cover 3 things you need to do in order to meet the Roth IRA qualifications. […]

  2. […] making a Roth IRA withdrawal here shortly?  In this article I’m going to cover some qualifications for Roth IRA withdrawals and when you should not pull money out of your Roth […]

  3. […] the best thing about this option is that in order to qualify for a Roth IRA you just have to apply for one. There is no age or income requirement. You are allowed to invest at […]

  4. […] minimum qualification for Roth IRA account is that you must have earned income, earn less than a certain amount dependent on your […]

  5. […] order to make this investment you must meet certain Roth IRA qualifications. The first qualification is that the individual or couple must have a lower adjusted gross income […]

  6. […] Roth IRA as a way to save for your retirement.  I’ve covered many topics on the subject from Roth IRA qualifications, Roth IRA Withdrawals, to just your general Roth IRA […]

  7. […] Roth IRA as a way to save for your retirement.  I’ve covered many topics on the subject from Roth IRA qualifications, Roth IRA Withdrawals, to just your general Roth IRA […]

  8. […] their are some things that both types of IRA’s have in common.  First off, the qualifications for Roth IRA and IRA accounts are the same, as well are the tax penalties and the contribution limits.  So you […]

  9. […] Real estate income qualifies as a one example of an asset that provides income that would satisfy qualifications for Roth IRA […]

  10. […] order to start a Roth IRA, you should understand a few things. First of all, you must meet certain qualifications for Roth IRA. credit: […]

  11. […] and income limits.  Each factor is listed  and explained below to help you better understand the qualifications for Roth IRA […]

  12. […] before you go any further their are some Roth IRA qualifications before you can contribute.  First off, you can’t exceed an adjusted gross income of […]

  13. […] vital pieces.Qualifications. Before you can even set up your account you need to consider the qualifications for Roth IRA accounts.   First off, you need to have a job to qualify, if your out of work you can’t get […]

  14. […] tax penalty.  However before you do this you talk to your financial professional and consider all Roth IRA qualifications first.  Although with that said the benefit with this is it could allow to free up some extra […]

Speak Your Mind