@timelessfinancesolutions: Making too much money does not automatically mean you cannot use a Roth IRA. For 2026, direct Roth IRA contributions begin phasing out at $153,000 for single filers and $242,000 for married couples filing jointly. Once your income reaches the upper limit, a Backdoor Roth IRA may still be an option. But this strategy is not as simple as moving money between two accounts. If you already have pretax money in a Traditional, SEP, or SIMPLE IRA, the pro rata rule could make part of your conversion taxable. Always check your full IRA picture before making the move. Save this post and follow @timelessfinancesolutions for practical ways to build wealth with your income. Educational purposes only. Consult a qualified tax professional about your specific situation.

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Tuesday 25 August 2026 02:53:05 GMT