roth ira income limit: Understanding What Is Allowed

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Roth IRA income limits are a crucial consideration for investors looking to benefit from the tax-advantaged growth and distributions available through these retirement savings plans. Roth IRAs are available to taxpayers with modified adjusted gross income (MAGI) below a certain threshold, and contributions are restricted once that threshold is exceeded. As of 2020, contribution limits for taxpayers under the age of 50 are $6,000, while those 50 and over can contribute up to $7,000. It is important to note that income limits apply not only to contributions, but also to eligibility for Roth IRA conversions.