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Tuesday, December 15, 2020

Roth IRA


Eligibility

If you are single, and your modified adjusted gross income (MAGI) is below $120,000, you can contribute up to the maximum each year. If your income is above $135,000, you cannot contribute to a Roth IRA at all.  If your income is between those two numbers, you can make a partial contribution (less than the maximum, calculated according to your exact income).

If married, with a combined income below $189,000, you can contribute up to the maximum each year. If your combined income is above $199,000, you cannot contribute at all. Between those two numbers allows a partial contribution.

Benefits

Advanced Strategies