Maximum Contribution

• For 2010, a taxpayer's maximum contribution to a Roth IRA is his taxable compensation or $5,000, whichever is less. A taxpayer age 50 or older can contribute the lesser of his taxable compensation or $6,000. When filing a joint return, both spouses may make the maximum contribution if the couple's earned income is greater than the total amount contributed to the Roth IRAs, even if only one spouse is working.
  
  

Income Limits

• Couples whose modified adjusted gross incomes exceed IRS-established limits cannot make maximum Roth IRA contributions. For 2010, a married couple filing jointly may contribute the maximum amount to a Roth IRA if their MAGI is less than $166,000.
  
  

Phase-out Range

• The IRS sets a phase-out range for couples whose MAGIs exceed the limit for a full Roth IRA contribution. In 2010, couples with MAGIs of at least $166,000 and less than $176,000 fall in the phase-out range and may make reduced Roth IRA contributions. Couples whose MAGIs exceed $176,000 may not contribute to Roth IRAs.