How much is the full Roth IRA contribution?

The amount of a full Roth IRA contribution varies. If you meet the eligibility tests described below and you are under age 50, you can contribute up to $5,500 for tax years up to 2014 and 2015. For owners age 50 and older, your limits increase to $6,500 for tax years up to 2014 and 2015.

You are eligible if you earn compensation and your income is less than limits set by Congress for the 2015 tax year. A single filer who has modified adjusted gross income (MAGI) up to $116,000 can make the full Roth IRA contribution for that year. Each spouse filing a joint federal income tax return showing a MAGI up to $183,000 can make the full Roth IRA contribution for that year. Some people with higher MAGI may be able to make smaller contributions.