Do the Roth income limits only apply to the next year. So for example, if a couple made $250k/year in 2021, it would only apply to them funding a Roth IRA in 2022?
Roth IRA income limits
- Thread starter pfgemployee
- Start date
I believe your 2021 income is used for your 2021 contribution levels. Which is why you have until the filing deadline for your 2021 taxes to make a contribution (so you know your MAGI).
www.irs.gov
nothing in that link talks about contribution levels based on a previous years tax returns.
@isufbcurt
Amount of Roth IRA contributions that you can make for 2024 | Internal Revenue Service
Find out if your modified Adjusted Gross Income (AGI ) affects your Roth IRA contributions.
nothing in that link talks about contribution levels based on a previous years tax returns.
@isufbcurt
This is a top notch humble brag. I salute you.
My wife took a new job and I expect her bonus will send us over the edge in 2022. So I assume I should stop contributing in 2022 and just look into the backdoor way?
many in that dilemma hold onto their IRA/Roth contributions until they know their MAGI, and if they qualify they then dump what is allowed into an IRA. Which is why you have till the filing deadline to fund the IRA/Roth.
Put the funds in a place that is safe and making a little money. And the end of 2022 is a long ways away.
If you work at principal (if your username is correct), I would recommend chatting with a co-worker who specializes in that area. They would be a more professional answer then any message board
If a couple makes a little over $10 mill/year, anyone have advice on whether to go with a large-cap mutual fund or something a little ballsier?
No, comprehension bud. I said they are more professional.
wait, I can’t even push that.CF best ability is having slept at a holiday inn express. How many people who have a life/death situation for a friend says, hey just ask CF and you will be fine, lol?
I only take advice on cars, haven't had a monthly payment in years. And you'd be surprised at how well a 1998 Buick LeSabre with 300k miles actually handles.
You need to put it under your mattress for safe keeping. I will help you with checking security, after you get the cash placed, give me your address and I will show you what areas you can improve for home security.
Cyclonepride
Thought Police
Sorry, I'm trying to figure out the tax implications of buying a tropical island for my third vacation home.
This was us last year. We put a lot into Gamestop and are now heavily invested in Dogecoin.
I believe your 2021 income is used for your 2021 contribution levels. Which is why you have until the filing deadline for your 2021 taxes to make a contribution (so you know your MAGI).
Amount of Roth IRA contributions that you can make for 2024 | Internal Revenue Service
Find out if your modified Adjusted Gross Income (AGI ) affects your Roth IRA contributions.
nothing in that link talks about contribution levels based on a previous years tax returns.
@isufbcurt
correct
