Wednesday, October 14, 2020

Roth IRA contributions for 2020

 We have recent news on Roth IRA contribution limits for 2020, they will remain the same as in 2019. The maximum amount you can contribute to a Roth IRA for 2020 is $6,000 if you're younger than age 50. If you're age 50 and older, you can add an extra $1,000 per year in "catch-up" contributions, bringing the total contribution to $7,000.

The actual amount that you are allowed to contribute to a Roth IRA is based on your income. To be eligible to contribute the maximum for 2020, your modified adjusted gross income must be less than $124,000 if single or $196,000 if married and filing jointly. Contributions begin to be phased out above those amounts, and you can't put any money into a Roth IRA once your income reaches $139,000 if single or $206,000 if married and filing jointly. So, the Roth income limits are higher than they were for 2019.
If you have questions call 320-679-5183 or go to www.yoursafemoneyshow.com

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