#vanguard #rothira #vti #voo #vym #bnd Opening a Roth IRA in 2023 Tax free income in retirement - because you supply the Roth IRA with money that has already been taxed Limits Single or Married - $6,500 a year 50+ - $7,500 a year You can start withdrawing from the Roth IRA at 59 ½ without any penalties. Single - modified adjusted gross income of less than 138k to 153k Married - modified adjusted gross income 218k to 228k Definition MAGI - AGI (Adjusted Gross Income) can reduce the amount of your taxable income by subtracting certain deductions from your gross income. MAGI is your AGI after factoring in tax deductions and tax-exempt interest. You can't find your MAGI on your tax return, although your AGI appears on line 11 of Form 1040. Example of deductions - HSA and 401k’s. If you only make 6500 a year or 3k for an example, all you can contribute is that amount to your Roth IRA. You cannot contribute more because of your W2 equals 3k. You can be a
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