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How much do you keep in the bank vs brokerage?
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My understanding is that you would be completely phased out of Roth IRA direct contributions if you're reporting $150k on your tax forms (you can look up the actual phase out range). I believe it is based on your modified adjusted gross income. So not your salary.
If you are phased out of the Roth IRA, you may be able to contribute to a traditional IRA and do a backdoor conversion to Roth if you're interested in Roth.
Use regular brokerage for near term goals. There are penalties you pay if you take money out of a IRA or 401K before a certain age.
It will help you if you read and understand the difference between type of investment accounts vs investment vehicles.
See below
Just to be clear, that's on *deductible* IRA contributions. I know you highlighted it, but I'm not sure if OP is well versed on the differences, given their question.
You are definitely phased out for tIRA. But may be eligible for a partial rIRA contribution, if you maxed out your 401k for 19k. Roth income limit for full contribution is 122k MAGI, which you cant reach. But income limit for partial Roth contribution is 137k or below. Example, you max 401k so your MAGI is 150k - 19k = 131k. That would make you eligible to contribute 3600 to Roth (search the calculation formula as I'm not about to write it here). However, if you also had 1099 interest and dividend income, it would raise your MAGI.
Right, there is no income limit at all if they want to contribute non-deductible funds into tIRA up to the annual limit. Enter the backdoor rIRA...
just do backdoor Roth IRA.
You can open and fund an IRA up to 6k per year I believe you just can’t deduct that amount come tax time with your company retirement plan