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Roth IRA Contribution Limits for 2020 and 2021


Roth IRA Contribution Limits for 2020 and 2021. Discusses the maximum contribution amounts for each year, catch-up contributions, MAGI income limits and phaseouts, spousal Roth IRAs and more! Links in this video: retirement planning Insights - Taxes in Retirement - #RothIRA #RetirementPlanning #FinancialPlanning DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy....(read more)


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Roth IRA Contribution Limits for 2020 and 2021 Are you considering investing in a Roth IRA? If so, it’s important to understand the Roth IRA contribution limits for 2020 and 2021. The limits are important because they determine how much you can contribute to your Roth IRA each year. The Roth IRA contribution limits for 2020 and 2021 are the same, and they are as follows: If you are under the age of 50, you can contribute up to $6,000 per year. If you are 50 or older, you can contribute up to $7,000 per year. These limits apply to both traditional and Roth IRAs. The only difference is that contributions to a Roth IRA are made with after-tax dollars, while contributions to a traditional IRA are made with pre-tax dollars. In addition to the contribution limits, there are also income limits that you must consider when deciding whether to invest in a Roth IRA. Generally speaking, the higher your income, the lower your contribution limit. For 2020 and 2021, the income limits are as follows: If you are single or head of household, you can contribute the maximum amount if your modified adjusted gross income is less than $124,000. If your modified adjusted gross income is between $124,000 and $139,000, your contribution limit will be reduced. If your modified adjusted gross income is above $139,000, you are not eligible to contribute to a Roth IRA. If you are married filing jointly, you can contribute the maximum amount if your modified adjusted gross income is less than $196,000. If your modified adjusted gross income is between $196,000 and $206,000, your contribution limit will be reduced. If your modified adjusted gross income is above $206,000, you are not eligible to contribute to a Roth IRA. It’s important to note that these income limits apply to both traditional and Roth IRAs. Additionally, if you are married filing separately, you are not eligible to contribute to a Roth IRA. Before investing in a Roth IRA, it’s important to understand the contribution limits and income limits. Knowing these limits will help you make an informed decision about whether a Roth IRA is right for you. https://inflationprotection.org/roth-ira-contribution-limits-for-2020-and-2021/?feed_id=74726&_unique_id=63fecc70ee3e3 #Inflation #Retirement #GoldIRA #Wealth #Investing #FinancialPlanning #retirementplanning #retirementplanningdemystified #RothIRA #rothiracontributionlimits #TaxPlanning #SpousalIRA #FinancialPlanning #retirementplanning #retirementplanningdemystified #RothIRA #rothiracontributionlimits #TaxPlanning

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