Categories: Income

roth ira income limit: Understanding the Basics of Forex Trading

A Roth IRA (Individual Retirement Account) is a special type of retirement account that allows individuals to save for retirement on a tax deferred basis. Contributions to a Roth IRA are not tax deductible, but may be taxed at a lower rate than traditional retirement investments. The amount of your annual contributions to a Roth IRA is limited by your modified adjusted gross income (MAGI) and filing status. Generally, the maximum Roth IRA contribution is $6,000 per year or $7,000 for individuals age 50 or older. For 2020, the Roth IRA income limit for single filers is reduced to zero once the modified adjusted gross income surpasses $139,000; and for married taxpayers filing jointly, the limit phases out once the modified adjusted gross income surpasses $206,000.

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