What are my options if my income exceeds the Roth IRA phase-out range?
During your signup process, self-employed individuals who file tax returns reflecting income reported on Form 1099-MISC will have a choice to setup a SEP IRA, which allows contributions to be made for individuals whose incomes exceed the income phase-out range for Roth IRAs. This gives employees with income that would reduce their Roth IRA contributions or prohibit any Roth IRA contributions with an alternative contribution path for their own retirement.
During the sign-up process, individuals who do not qualify for a Roth IRA may also be offered the option to open a Traditional IRA instead. There are no limitations on salary or filing status to prevent a user from being eligible for this type of account. Individuals who file with form 1099-MISC who choose the Traditional IRA solution can choose to contribute up to $5,500 per year (in the year 2017) if they are younger than 50 years old, and up to $6,500 per year (in the year 2017) if they are 50 years old or older.
Both of these options allow individuals who file form 1099-MISC to make contributions at their discretion.
You can find out more about the current Roth earnings limitations here: