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Retirement tax questions
Please be aware, yes the same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income. Please see 2019 - Amount of Roth IRA Contributions You Can Make for 2019 for details.
Therefore, if your modified adjusted gross income is too high you will be limited how much you can contribute and will have to pay a penalty if this results in an excess contribution.
General contribution limits:
For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
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‎April 12, 2020
12:29 PM