Just like Karl Malone, this thread delivers.
Did I just date myself?
Did I just date myself?
Roth IRA income limits
- Thread starter pfgemployee
- Start date
Anyone know of a good private jet mechanic? Ours is experiencing some trouble. The Mrs and I would love to visit our place in the Hamptons this summer and do some sailing, but we simply REFUSE to fly commercial. TIA!
If you have the option of doing a backdoor contribution and you are going to be close I would go ahead and do the backdoor instead of waiting. If you wait, you miss a year of gains (or losses). Just remember that you can't do a backdoor if you have an existing IRA with tax deductible money. Tax deductible money could be after tax money you then deducted on your taxes (there is an income limit for this) or if you rolled over a 401k/403b into an IRA.
I'm looking for a place in Beverly Hills. Preferably with a cement pond. I don't trust my banker so somewhere near him and his crusty ***** wife.
I’ll add, if you’re at that income level, get an accountant for taxes, general advice, and ways to utilize the money you’re making.
A Roth IRA is an individual retirement account that is usually not taxed upon distribution, as long as specific conditions are met.
https://investor.vanguard.com/ira/roth-ira#:~:text=A Roth IRA is an,t owe any federal taxes.
Millennial here as well, and my accountant aunt told me young to put in money when I could.
If you have the ability to do it, and it wouldn't cause you to be strapped for cash, I think it is worth looking into.
No it is in that year. So if you make 250 in '21 you can't add to a roth, in 22 if you make 120 you can. If you are close you have to save that $$ until the end of the year when you do your taxes and make sure you apply it into the previous year.
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If you can do a backdoor, it is way easier and safer, plus you can dump $$ in from Jan 1 and let it grow for an extra 16 months.
You can do a backdoor still if it is offered through your 401k at work. We have that, so it gets you around the IRA issues of pro rata. Otherwise you would want to convert an IRA into your 401k to not have some of that $$ taxable on the roth conversion. Again, this is all based on your employer setting it up this way. I am lucky that my employer does that for me.
Yes. This would be a mega backdoor instead of the regular backdoor. Not an option to as many people.
@VeloClone curious why my post was funny? Because I have a Roth IRA or because I am telling him to look into what it's all about?
Thanks, I never knew it was different, but yes, I keep hearing Mega at work. Hopefully more employers start to offer this.
It’s an ongoing joke that millennials don’t have money for retirement savings...
Don't worry about it. Just keep working until you die and try not to screw anything else up for the rest of us.
Get an accountant for taxes/accounting. Get a financial advisor/planner for general/investment advice.
Yes on accountant, no on a financial advisor.
Plus all of the sex associated with having a ride like that.
Class. Style. Responsibility.
