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I had a question with regards to the ability to contribute to Roth IRA. My current scenario is

  1. I had a 401K with my previous employer ( in 2014. no contributions made since. I have not rolled it over to an IRA)
  2. I have contributed the maximum amount for a HSA plan (3500 for 2015)
  3. My income in 2015 will be <116K.

    Am I allowed to make contributions into a Roth IRA account? Or is all this based on my tax filings during the year 2014?

Thanks in advance

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I'm not an expert, but it looks like you can contribute the full $5,500 for 2015 or $6,500 if you're age 50+ (or up to your earned income if it's less than the limit; you can't contribute more than you've earned).

If you were making more than $116k it might help bring down your AGI to make contributions to your 401k, but otherwise it won't affect this question. Even rolling over wouldn't affect your ability to make a contribution.

HSA contributions can also reduce your AGI, but again not needed here and otherwise don't affect your eligibility.

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    If somebody will be close to the limit there i one advantage the IRA or Roth IRA has: you can make a 2015 contribution in early 2016 after all the numbers are known. – mhoran_psprep Jul 20 '15 at 9:54
  • @mhoran_psprep great point. One has until tax day of the following year to contribute to the current year's IRA. – briantist Jul 20 '15 at 13:39
  • @mhoran_psprep If you know you want to contribute to a Roth in that situation and you have no funds in av traditional IRA you can also opt for a back door Roth contribution. – Eric Jul 21 '15 at 8:35
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    Again waiting until January when the numbers are close, does allow you to know what to do. – mhoran_psprep Jul 21 '15 at 9:51
  • @mhoran_psprep There's no need to wait until January for the backdoor Roth contribution. – Eric Jul 21 '15 at 11:14

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