<p>Are you allowed to contribute up to your gross pay or your net pay each year? (4,000 annually)</p>
<p>I tried to google the answer, but to no avail.</p>
<p>For 2006, those 50 or older can contribute the lower of gross wages or $5000. For all others, the contribution is limited to the lower of gross wages or $4000.</p>
<p>Is the contribution to the ROTH IRA added back to income for financial aid purposes ?</p>
<p>I don't think it gets added back because unlike a traditional IRA, you didn't deduct the ROTH IRA contribution from your AGI</p>