Roth IRA Contributions

Anyone can convert their traditional IRA to a Roth IRA. However, Roth IRA contributions come with limitations.

For 2017, IRA contributions are limited to $5,500 ($6,500 if age 50 or older).

For Roth IRA contributions, there is an additional phase out limitation for those who are high income earners.

The following chart illustrates the Roth IRA contribution phase out thresholds for 2017:

*Please Note: Roth IRA contributions are never deductible.

Source: www.irs.gov

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