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If you or your spouse do have earned income, you can contribute to a Roth at any age (unlike a traditional IRA, which prohibits contributions starting in the year you turn age 70Â½). To qualify for a Roth IRA in 2007, the adjusted gross income on your joint return must be less than $166,000 ($114,000 for singles).And the amount you can contribute starts to phase out at $156,000 ($99,000 for singles).You can benefit from contributing to a Roth even if you're well into your senior years.f you die with a Roth, your heirs inherit the money income-tax free. If you or your spouse had any earned income last year, you still have until April 17 to open a Roth IRA for 2006. And you can contribute to a 2007 IRA anytime now, too.
For example, if you file your tax return after the regular tax filing deadline, even if have an extension, you've missed the deadline to contribute to a Roth IRA.Besides having to be at least 59 1/2 years old, your Roth IRA has to be open for at least five years before you're eligible to take qualified distributions.or example, if you file your tax return after the regular tax filing deadline, even if have an extension, you've missed the deadline to contribute to a Roth IRA. Besides having to be at least 59 1/2 years old, your Roth IRA has to be open for at least five years before you're eligible to take qualified distributions.