{ "media_type": "text", "post_content": "I’m very confused by my retirement options. My work doesn’t offer 401k. I make $160k salary and am single. Am I allowed to contribute to a IRA or Roth IRA? I’m getting conflicting information on this", "post_id": "5ff3cb3cf97d85001c1ecdea", "reply_count": 11, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

I’m very confused by my retirement options. My work doesn’t offer 401k. I make $160k salary and am single. Am I allowed to contribute to a IRA or Roth IRA? I’m getting conflicting information on this

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Posting as :
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Anyone can contribute to the traditional IRA. Are you sure EY doesn’t offer the 401k?

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I no longer work at EY. Most sources I’m seeing say there is a maximum income limit to contributing to IRA and my salary is over that.

As long as he doesn’t have any other IRAs or Simple IRAs, this is correct. OP, google “back-door Roth”

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You need to do a backdoor Roth IRA, and if somehow your employer allows after-tax contributions, then you should do megabackdoor too

Just a word of caution if he rolled his old 401k to an IRA, then the backdoor would not be as straightforward (because of the pro rata tax calculation). Also, if he doesn’t have a 401k, then the mega backdoor Roth is unavailable.

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Are you w2 or 1099 employee?

They need to get a 401k offering but you can take the full deductible for your traditional IRA.

One thing to consider is the income limit is based on MAGI and not gross. Depending on your tax profile (HSA, tuition and fees, other above the line deductions, and itemizing if applicable) you might qualify for Roth.

Refer to the link below regarding limits and AGI criteria https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits#:~:text=More%20In%20Retirement%20Plans&text=For%202021%2C%202020%20and%202019,taxable%20compensation%20for%20the%20year

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