10 IRA Contribution Rules You Must Know
29,864
Published 2022-01-04
1. Contributions limits
2. Catch-up contribution limits
3. Income limitations on IRA contributions
4. Limits on deducting IRA contributions
5. Roth IRA contribution income limits
6. Age limits on IRA or Roth IRA contributions
7. Spousal IRA
8. Contributing to both a 401(k) AND an IRA
9. What if you contribute too much?
10. 2021 contribution deadline
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ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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All Comments (21)
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Thank you Ron! You are amazing and I love your videos.
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New subscriber because you present the material in such ca clear concise manner.
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Another VERY important IRA topic to note (especially for higher income earners) is the IRS' "pro rata rule". This can really bite you when you go to do a Roth conversion and provides a strong argument for not rolling old traditional 401(k) assets into a traditional IRA if you leverage the "backdoor" Roth IRA.
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Hey Rob: thanks for the video, I am a big fan of your work. What do you think will happen with the backdoor and megabackdoor Roth IRA conversions/rollovers? Do you think they will no longer be allowed? A video explaining what they are and where you see we are gonna get to this year would be very enlightening! Thank you very much!
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Hey Rob! Thanks so much for this great content :) i just have a question, how different is 401k than traditional IRA? Thanks in advance
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Rob, can you do a video on how to calculate your MAGI with respect to the ability to contribute to Roth IRAs? The IRS.gov worksheet is very confusing and I'm not sure what I should do for 2022 and if I need to back out 2021.
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Ooops, I just heard your answer. Thanks
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Thanks for the info. Did I understand correctly that no matter how old a person is , if they have earned income they can continue to contribute to a traditional ira?
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When determining MAGI for Roth contribution limit, do social security, retirement income, and capital gains count? Do any of them depend on age?
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Do you have a video on custodial IRA…for our kids?
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Thank you for the helpful videos and informative weekly email. If contributions to a traditional IRA are non deductible, what is the primary value to it versus contributing instead to a regular brokerage account?
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Rob, thanks for the informative video. I'm trying to find out if I can still contribute to my Roth IRA if I receive military retirement pay. This income is taxed every month. Thanks!
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A Roth IRA question. Is there any employer sponsored retirement plan that would disqualify a person from opening a Roth IRA? Old fashion pension or teacher retirement
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If I am earning more than 6% a year in my Roth IRA, should I just pay the penalty and keep it in there?
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What happens if you contributed your 2021 post tax dollars after April 15? Like in May? 😬 Love your videoes. So helpful! Thank you!
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If you have a Traditional IRA for five years and than you decide to open a Roth IRA. Does the five year rule transfer from the Traditional IRA to the Roth IRA? Or does the five year clock starts agan? Thanks
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Hello Rob, when contributing to a Roth I have heard when or if able to max out your contributions it should be done sometime in the first half of the calendar year for best overall returns/growth.Curious if you may know why. Thanks for your informative videos.
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IRS/Congress needs to make this stuff simple enough for a 9th grader to understand - no need to have a CPA/Accounting Finance degree to have an IRA
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Also. If im 39 years old should i do the roth tsp only? or is it too late for any benefit?
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When is the contribution deadline for a SEP IRA for Schedule C income? Assume an extension has been filed by the individual and they are entitled to file their return by October 15 of the given year. Since they won't know the amount of net income on their Schedule C until their return is prepared, don't they have until they file their return to make the SEP IRA contribution? In other words, you don't know on April 15th what net income you will have, so you wait until that is calculated. Correct?
