U.S. Markets close in 4 hrs 34 mins
  • S&P 500

    4,121.48
    -15.00 (-0.36%)
     
  • Dow 30

    33,874.34
    -51.67 (-0.15%)
     
  • Nasdaq

    11,953.58
    -53.38 (-0.44%)
     
  • Russell 2000

    1,963.80
    -21.73 (-1.09%)
     
  • Crude Oil

    72.84
    -0.55 (-0.75%)
     
  • Gold

    1,880.50
    +3.90 (+0.21%)
     
  • Silver

    22.32
    -0.09 (-0.40%)
     
  • EUR/USD

    1.0740
    -0.0057 (-0.5263%)
     
  • 10-Yr Bond

    3.6190
    +0.0870 (+2.46%)
     
  • Vix

    19.43
    +1.10 (+6.00%)
     
  • GBP/USD

    1.2021
    -0.0036 (-0.2945%)
     
  • USD/JPY

    132.7500
    +1.6000 (+1.2200%)
     
  • BTC-USD

    23,114.50
    +4.76 (+0.02%)
     
  • CMC Crypto 200

    531.25
    +6.12 (+1.16%)
     
  • FTSE 100

    7,834.02
    -67.78 (-0.86%)
     
  • Nikkei 225

    27,693.65
    +184.19 (+0.67%)
     

Too Rich for a Roth? Do This

Too Rich for a Roth? Do This

Fortunately, there is a way around the Roth IRA roadblock for affluent taxpayers: a backdoor Roth IRA. For 2022, Roth IRA contributions are not allowed for single filers with a modified adjusted gross income (MAGI) of $144,000 or more or married couples filing jointly whose MAGI exceeds $214,000. Traditional IRAs, on the other hand, have no income limits for eligibility.