You may want to read the IRS Publication 590, page 63. If your modified adjusted gross income, see the worksheet in the publication, exceeds the threshold you cannot contirbute to a Roth IRA. If you are that close to the threshold, you are suppose to wait until after Dec 31, 2014, so that you can determine if you exceed the income threshold, and then make your contribution before April 15. If your income falls to below the threshold in 2015, you can ask the Roth IRA provider to re-charaterize your contribution from 2014 to be switched to being a contribution for 2015. As usual there are forms to fill out to make the switch. Talk to your Roth IRA provider, perhaps there is still time for you to withdraw the money and pay whatever tax and penalty before it gets too big. .

I've never heard of a cap on income to contribute to a Roth, but there is an annual cap on contributions.

You can roll a traditional to a Roth by paying some taxes, which can increase the annual cap.

To fund a Roth IRA (or any IRA) you must have "earned income" which is income from working.

The annual limit is currently $5500 or your earned income for the year; whichever is lower.

lol

I'm in my early twenties, single, and have been thinking about starting a Roth IRA within the next few years.

I'm reading that "if your income exceeds $129,000 you cannot contribute to a Roth IRA." That being said, pretend my income in 2013 was $128,000, so if I wanted to start a Roth IRA right now I could, but what happens if in 2014 and beyond I make $130,000/year? Does that mean I could not contribute up to $5,500/year or could I still be able to contribute since I opened the Roth IRA when I qualified for it? What would happen to the money I put down initially?

Any help would be much appreciated. Thank you.