
Roth IRA phase-out starts at $124,000 for single and $196,000 for married couples. There is a "loophole" which allows you to contribute to a Roth if your income exceeds these limits called a "Backdoor Roth" which I plan to cover in another video.
2020 401k Limit: $19,500
2020 IRA Limit (Roth & Traditional): $6,000
Please consult IRS official publications and your tax professional to confirm personal limits and eligibility.
IRS Publication:
0 Comments