Tc 130k
Yes. Max contribution at 130k is 3.6k if filing single plus 19.5k for a 401k in 2020
Oh.. is it not 6k for Roth max contribution? I am new to all these.. Just trying to understand before contributing..
you make too much
You need to calculate your Modified Adjusted gross income, so you can figure out if you can contribute. You are pretty close to the line for being able to contribute.
401k and IRA are separate entities
Make sure to check phase out, above that you can not make full Roth contribution when you have employer sponsored 401k. Read this article https://www.forbes.com/sites/ashleaebeling/2018/11/01/irs-announces-2019-retirement-plan-contribution-limits-for-401ks-and-more/#658ead1776c8 for the 2019 tax year. Roth IRA Phase-Outs. The inflation adjustment helps Roth In 2019, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $193,000 to $203,000 for married couples filing jointly. For singles and heads of household, the income phase-out range is $122,000 to $137,000.
Looks like the phase out range is close if I file as single. So if I file jointly, I may be eligible.. My wife is house wife.. So we will be less than 193k.
Yes, and you can also then max our her 6k Roth as well
Yes
Yes, I will allow that
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