Investment

Modified Adjusted Gross Income (MAGI) is a figure used in the United States tax system to determine your eligibility for certain tax benefits and credits. It’s based on your Adjusted Gross Income (AGI), which is your total income minus certain deductions, but with some additional adjustments. Here’s a breakdown: Not everyone will have these additional […]

Roth IRA contributions have income limits that affect your eligibility to contribute the full amount and how much you can contribute before the limit starts to phase out. It’s important to note that these limits apply to your Modified Adjusted Gross Income (MAGI) for the tax year you’re contributing to. There are no hard income

A Roth IRA contribution is the money you put into a Roth IRA account each year. These contributions are capped at a certain amount set by the IRS to prevent people from sheltering too much income from taxes. There are two key things to remember about Roth IRA contributions: Here are some additional points to

There are two main scenarios for withdrawing money from a Roth IRA with no tax or penalty: Here’s a breakdown of the implications: Remember: Withdrawing money from your Roth IRA, especially earnings, can reduce your potential retirement savings due to lost growth opportunities. It’s generally recommended to only withdraw what you need and leave the

Here’s a breakdown of the steps involved in opening a Roth IRA: Here are some additional things to keep in mind:

What Is an Individual Retirement Account (IRA) An Individual Retirement Account (IRA) is a type of investment account that offers tax advantages to help individuals save and invest for retirement. There are two main types of IRAs: Traditional IRAs and Roth IRAs. Both types of IRAs have contribution limits and eligibility requirements based on factors