More info from the
IRS website
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Contribution Limits
In general, if your only IRA is a Roth IRA, the maximum 2004 contribution limit is the lesser of your taxable compensation or $3,000 ($3,500 for those age 50 or over). For 2005, this amount increases to $4,000 ($4,500 if 50 or older in 2005).
The maximum contribution limit phases out if your modified adjusted gross income is within these limits:
<ul type="square">[*] $150,000-$160,000 — Married Filing Jointly[*] $0-$10,000 — Married Filing Separately (and you lived with your spouse at any time during the year)[*] $95,000-$110,000 — Single, Head of Household, or Married Filing Separately (and you did not live with your spouse)[/list]
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