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If you make too much to contribute to a Roth IRA, here's a perfectly legal way you can still take advantage of this tax-free retirement account.
The contributions you make to your Roth IRA aren’t tax-deductible, as is the case with a traditional IRA. In some cases, that could be an incentive to save now to reap the benefits. Contribution ...
Plus, if you’re over 55, you can contribute an additional $1,000, which remains unchanged in 2025. ... Married taxpayers filing jointly with MAGI above $240,000 cannot contribute to a Roth IRA ...
(Single filers with incomes over $161,000 and married couples filing jointly with incomes over $240,000 in 2024 can’t contribute to a Roth IRA.) This conversion strategy is known as a backdoor ...
Should You Switch to Roth Contributions or Roll Over Your Account? Finally, there’s always the Roth IRA rollover option. ... You also can only contribute up to the Roth IRA’s age 50+ catch-up ...
If you are able to contribute more than the 401(k) max (the maximum contribution is $23,000 for 2024), you may want to put funds into an IRA. “Continue contributing to a Roth or traditional IRA ...
At age 55 with $900,000 in a traditional individual retirement account (IRA), converting $100,000 per year to a Roth IRA could help reduce required minimum distributions (RMDs) and related taxes ...