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Horned Frog Athletics
Scott & Wes Frog Fan Forum
OT: How Do You Invest Your Money?
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<blockquote data-quote="tcumaniac" data-source="post: 2828931" data-attributes="member: 31299"><p>Roth IRAs have income limits. For 2020 it's $196,000 for your modified adjusted gross income if you're married and filing jointly. $124k MAGI if you're a single filer.</p><p></p><p>You can still contribute to a Traditional IRA with any income, but once you reach the same income limits I listed above, the contributions are no longer tax deducible. However there's something called a Backdoor Roth that's essentially a loop hole the IRS allows to convert your traditional IRA to a roth and get around the income limit. If you don't have any other prior tax deferred traditional IRA's, the process is really simple and stress free. However, if you<em> do </em>have prior IRAs with tax deferred contributions, it can become a pretty complicated Tax burden.</p><p></p><p>Congrats on maxing out your 401k. If you're looking for additional investment options outside of your 401k, check out <a href="https://www.wealthfront.com/investing" target="_blank">https://www.wealthfront.com/investing</a> . As I stated earlier I think it's a fascinating and compelling investment platform that has low fees and is essentially a set it and forget it investment option.</p></blockquote><p></p>
[QUOTE="tcumaniac, post: 2828931, member: 31299"] Roth IRAs have income limits. For 2020 it's $196,000 for your modified adjusted gross income if you're married and filing jointly. $124k MAGI if you're a single filer. You can still contribute to a Traditional IRA with any income, but once you reach the same income limits I listed above, the contributions are no longer tax deducible. However there's something called a Backdoor Roth that's essentially a loop hole the IRS allows to convert your traditional IRA to a roth and get around the income limit. If you don't have any other prior tax deferred traditional IRA's, the process is really simple and stress free. However, if you[I] do [/I]have prior IRAs with tax deferred contributions, it can become a pretty complicated Tax burden. Congrats on maxing out your 401k. If you're looking for additional investment options outside of your 401k, check out [URL]https://www.wealthfront.com/investing[/URL] . As I stated earlier I think it's a fascinating and compelling investment platform that has low fees and is essentially a set it and forget it investment option. [/QUOTE]
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Scott & Wes Frog Fan Forum
OT: How Do You Invest Your Money?
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