Posted by Joe Wride
A Roth IRA is a great option for those looking to save after-tax dollars, achieve tax-free growth and relaxed tax rules on taking distributions before retirement. Unfortunately, eligibility to contribute to a Roth IRA is subject to restrictions, which can cause confusion.
To help make the analysis easier, we have created the ”Can I Contribute to My Roth IRA” flowchart. It addresses the key eligibility considerations, including:
- Earned income
- Other (traditional) IRA contributions
- Filing status-based MAGI thresholds