I was recently laid off in June and started a new job that doesn’t allow 401k contributions until 6 months in, roughly Feb 2025.
I spoke with a financial planner about contributing money somewhere in the meantime, possibly to a Roth IRA. I did not max out my previous 401k contributions. I was told that if my total modified income for the year was between 230k-240k i could contribute to a Roth IRA but there would be limitations.
I am currently seeking an accountant to speak to but I want to understand how I calculate my modified income and what is a safe contribution amount for the remaining 2024 year if my modified income ends up being less than 230k OR between 230-240k. Should i not even bother contributing to a ROTH ?
I want to put the money I cannot contribute to a 401k yet somewhere where it can go grow even if its not a pretax contribution right now.
I already have a traditional IRA with a very small contribution- about $2k. Given my annual income being over the limit, I cannot take any deductions at tax time, and I am fine with that. Is contributing to a Roth IRA possible or should I contribute to something else?
what is a good source for me to read up on because frankly speaking the financial planner talked in circles and confused me very much.
Still looking for an accountant who can help…..
