If MAGI exceed the income limit for ROTH IRA contribution in 2019 and beyond years, does this effect the previous years ROTH IRA balance, contributions, or earnings?
For example, I have a ROTH IRA account since 2015. In 2019 and subsequent year, I can't make any contribution due to high MAGI. Can I still keep my 2015-2018 as is and let it grow? Or do I need to do any adjustment to 2015-2018 contribution or earning?
Also, any future years with MAGI falls within the income limit, I can contribute to ROTH IRA for that year again correct?
The MAGI only limits NEW contributions in the current year - nothing more.
The most you can contribute to all of your traditional and Roth IRAs is the smaller of:
For 2018, $5,500, or $6,500 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ).
See IRS Pub 590A "What is compensation" for details:
https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355
See this IRS article for Roth contribution limits:
https://www.irs.gov/retirement-plans/roth-iras
The MAGI only limits NEW contributions in the current year - nothing more.
The most you can contribute to all of your traditional and Roth IRAs is the smaller of:
For 2018, $5,500, or $6,500 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ).
See IRS Pub 590A "What is compensation" for details:
https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355
See this IRS article for Roth contribution limits:
https://www.irs.gov/retirement-plans/roth-iras