{ "media_type": "text", "post_content": "27 never opened an IRA - wife and I are approaching the salary limit and will likely break it this next year if not this year. Is there an approach to still contribute on an ongoing basis.", "post_id": "5ea0479ce2b1e4001bf2e6bb", "reply_count": 15, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

27 never opened an IRA - wife and I are approaching the salary limit and will likely break it this next year if not this year. Is there an approach to still contribute on an ongoing basis.

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To be clear, there's no income limit for a traditional IRA. Only for Roth IRA. You can keep on contributing to t-IRA at $6k, though you won't get any tax advantage.

If you're actually thinking about Roth, there are a couple of options. You can contribute $6k to Roth for 2019 till July 15 of THIS year. Then you can contribute $6k for 2020 till April 15 of next year.

And then backdoor Roth.

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P1 is correct.

You can have multiple Roth accounts, it's not a problem. Don't worry about that now. When you're ready for the backdoor Roth, Vanguard (or other platform) will guide you through the process.

Look up backdoor Roth contributions - essentially you contribute to a traditional IRA and then immediately convert to Roth.

Correct, but the reason you want to convert it to Roth is so you can withdraw tax free in retirement. If you leave it as traditional, it’s not tax deductible when you contribute it and you have to pay taxes when you withdraw.

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