Just got promoted and now I’m no longer eligible for Roth IRA - what do I do now? Pause contributions to my Roth IRA? What is this back door thing people are talking about - have also heard it may be illegal soon?

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Back door Roth IRA not going away. Even if it did later this year, it wouldn’t be retroactive for this year - would be forward looking

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Max out your 401K, contribute to your HSA if you have one, or fund a taxable investment account

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go to the IRS website. theres an income limit or threshold wherein if you exceed it then you no longer are eligible. the limits vary if you’re sing vs married /file jointly. just max your 401k and you’re good

ROTH limits are based on yearly income for the calendar year so if your still under for the year you should be good

Yes taxes are based on calendar year

Regular IRA

Careful with the regular IRA. If you’re covered by a 401k plan, you most likely make too much to deduct.

Happy to pass along an article on the back door Roth IRA (technically, this is a non-deductible contribution to a traditional IRA and then a conversion to a Roth IRA.. form 8606 is used)

As others have said, income limits go off annual, so you may still be ok

If you find you ARE over, you’ll need to complete a “removal of access” form with your custodian firm to remove the contribution

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