2024 Roth IRA Contribution Limits: To Contribute or Convert? Stretch Your Retirement Savings

[@goodvibes5666]

Thanks for this explanation one of the best videos that educated me

[@OakHarvestFinancialGroup]

Thanks @goodvibes5666! We're happy that it helped.

[@iLibertyWoman]

Yes. Please talk more on the Backdoor Roth Conversion. Thank you.

[@OakHarvestFinancialGroup]

Hi there, @ilibertywomanchildofGod! We actually have a video that discusses both the backdoor roth and mega backdoor roth here: kzbin.info/www/bejne/aF6cfGWbq6-dgbc

[@iLibertyWoman]

@@OakHarvestFinancialGroup Thank you

[@annie52e]

Hi, I have a question about Roth conversions. If you are in a period of no income for several years and begin to do annual Roth conversions, are you able to take the standard deduction for married filing jointly on the converted amount?

[@Mr._Rick]

Is there an age that the 5 year rule does not apply. Assuming Roth account is over 5 years old?

[@themonogrammom]

Is it still true in 2024 that your Roth Contribution cannot exceed your AGI? As a divorced person who receives post tax maintenance as a primary income source (it is not reported as taxable income on my taxes), this limitation makes Roth contributions very limited.

[@ItsEverythingElse]

Can a non-working spouse have an IRA if working spouse has a 401k and is above the IRA income limit? My understanding is no.

[@OakHarvestFinancialGroup]

Yes, you can have an IRA, but if you’re income limits are too high the IRA contribution isn’t deductible.. Making non-deductible IRA contributions can lead to a messy situation requiring additional tracking of pre-tax and after-tax values and filing form 8606 with your tax return. You should check out our upcoming video on Mega Back Door Roth IRAs for a possible alternative consideration.

[@jerrylabat550]

You mentioned the IRS hadn't ruled on the legality of the backdoor Roth. The Trump tax cut actually codified it...