Second – and this is the important one

Second – and this is the important one – there’s a maximum income limit for contributing to a Roth IRA. As of tax year 2018, if you’re single, you can only contribute fully to a Roth IRA each year if your income is $120,000 or less (this is found on your income tax as your MAGI, or “modified adjusted gross income,” if you want to figure out the exact number this is judged by). If you’re married filing jointly, your combined income must be $189,000 or less. If you’re married filing separately, it’s even trickier – you can generally only contribute the full amount under special circumstances. There’s a bit of a leeway above those dollar amounts where you can contribute a reduced amount, but even that loophole closes with incomes above $135,000 if you’re single or $199,000 if you’re married and filing jointly.