Final answer:
The contribution amount to a Roth IRA is limited by MAGI in 2015. The maximum contribution amount is $5,500 ($6,500 if you're age 50 or older) if your MAGI is below certain thresholds. If your MAGI is above these limits, there are alternative options available.
Step-by-step explanation:
The contribution amount to a Roth IRA is limited by MAGI, or Modified Adjusted Gross Income, in 2015. For 2015, if your MAGI is less than $116,000 as a single individual or less than $183,000 if married filing jointly, the maximum contribution amount is $5,500 ($6,500 if you're age 50 or older). If your MAGI is between $116,000 and $131,000 as a single individual or between $183,000 and $193,000 if married filing jointly, there is a reduced limit to how much you can contribute. If your MAGI is above these limits, you may not contribute directly to a Roth IRA. However, there are alternative options available such as a traditional IRA or a Backdoor Roth IRA.