I make too much money to contribute to a Roth IRA. Is there something I can do to be eligible to contribute?

Roth IRAs have a maximum income limit where you become ineligible to contribute. Brian Leitner sits down with Andreas Scott, managing director & senior wealth advisor at Mariner Wealth Advisors, to discuss strategies to contribute to a 401(k) even if you are over the max household income limit. Brian and Andreas highlight potential concerns with backdoor Roth IRAs, as well as when is the best time to start the process of contributing based on the calendar year.

0:00 Intro
0:20 Strategies to Become Eligible
1:02 Backdoor Roth IRA Process
1:50 Potential Concerns
2:48 Legislation
3:32 More Information
4:25 Outro

#RothIRA #RothIRAcontributions #retirement

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What is a Roth IRA?

A Roth IRA is a type of retirement savings account that allows you to save money on a tax-advantaged basis. Contributions to a Roth IRA are made with after-tax dollars, meaning you don’t get a tax deduction for making them. However, the money you contribute grows tax-free and you won’t owe taxes when you withdraw it in retirement.

Who is eligible to open a Roth IRA?

In order to be eligible to open a Roth IRA, you must meet certain criteria:

• You must have earned income from wages, salaries, tips, bonuses, self-employment, or alimony.

• Your modified adjusted gross income (MAGI) must be below certain limits.

• You must be under the age of 70 ½.

• You must have a valid Social Security number.

What are the income limits for Roth IRA eligibility?

The income limits for Roth IRA eligibility depend on your filing status. For example, if you are single and your MAGI is less than $139,000, you are eligible to contribute the maximum amount to a Roth IRA. However, if your MAGI is between $139,000 and $159,000, you are eligible to contribute a reduced amount. Similarly, if you are married filing jointly and your MAGI is less than $206,000, you are eligible to contribute the maximum amount to a Roth IRA. If your MAGI is between $206,000 and $226,000, you are eligible to contribute a reduced amount.

Are there any other restrictions on Roth IRA eligibility?

Yes, there are additional restrictions on Roth IRA eligibility. For example, you must have a valid Social Security number, you must be under the age of 70 ½, and you must have earned income from wages, salaries, tips, bonuses, self-employment, or alimony. Additionally, you cannot contribute to a Roth IRA if you are a non-resident alien.

Are there any exceptions to the Roth IRA eligibility rules?

Yes, there are a few exceptions to the Roth IRA eligibility rules. For example, if you are married and your spouse does not have earned income, you may be eligible to make a spousal contribution to a Roth IRA. Additionally, if you are over the age of 50, you may be eligible to make catch-up contributions to a Roth IRA.

What are the benefits of a Roth IRA?

A Roth IRA offers a number of benefits, including tax-free growth, tax-free withdrawals in retirement, and more flexibility than other types of retirement accounts. Additionally, Roth IRAs are not subject to required minimum distributions, so you can leave your money in the account for as long as you want.