I just got promoted (yay) and am now over the income cap for a Roth IRA. Can I still contribute the max amount this calendar year? When does that cap limit actually take place? Thanks!

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Total income in tax year.

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Actually I think it’s MAGI not AGI. Minimally different.

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Combo of both comments above. If you make $100k for half the year and $140 for second half of the year, your salary for the year is around $120k. Furthermore, the Roth IRA limits are based on MAGI.

If you were a few thousand below the limit before and just got promoted, you may very well be below the limit still. Don't forget to factor in any bonuses, which raise your income. Don't forget to use MAGI which may bring you below the limit.

Marvelous. Thank you!

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