In this video I’m talking about the Roth IRA contribution limits, Roth IRA income limits and Roth IRA rules you should know. If you are considering a Roth IRA or already have a Roth IRA this video is for you.
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“It’s called a phase out, it phases out” well thanks for clearing that up.
Where is the link to the contribution phase out?
One Question here: I am single and if I want to contribute for 2021 Roth IRA with full $6000 upfront in the first month of 2021 but I am not sure what will be my income in the 2021. It may fall below or go above the threshold set by IRS, so in that case how I am able to make decision that I should max out my contribution or not since the year 2021 just started and not sure what will be income by end of the year 2021?
Is it the case that my 2020 annual income should be less than $124K so that it makes eligible to contribute $6000 max for 2021 Roth IRA and the annual income in 2021 should be less than $125K, so that I will make eligibile to contribute $6000K in 2022 Roth IRA and so on… Basically, the previous year annual income will determine the contribution limit for the following year? Please advise.
Hey Travis, I started a ROTH IRA in 2020 and contributed 6K into it. Would I get penalized if I've made over 220K? And, if yes, then how do I actually get penalized? I am self directing my Roth IRA so there's a lot I did not know going into it. Thank you!
So if the money is taxes when you deposit money in the roth ira how much tax would you pay if you deposit the full $6000? And when do you pay the tax of your contributions?
Hello, does buying stocks count towards the contribution limit?
If I am I filing jointly does that mean my max contribution is $7000 jointly or $7000 each in separate accounts. My wife has a Roth and so do I.
At 3:08 you talk about putting a link in the description at the bottom for your Phase Out video. But, no link included. Great information in the video but this oversight is more frustrating than not.
Do you have to contribute the max of $6000? Or can it be less, without penalties?
Thank you for the detailed explanation. Very clear and easy to understand. I’ve got a question though. Is the income limit for MFJ per person or per total income of both me and my spouse?
Help! can i transfer my roth ira vtsax in 2019 to roth ira vtsax, i just made a mistake while i want to invest for this current 2020 vtsax,thank you
when can i contribute to a roth ira for 2020?
Great video, very well explained!