Are You Eligible to Contribute to a Roth IRA in 2020?
The IRS recently announced its inflation-driven tax changes for 2020, and the IRA contribution limits are remaining the same. Individuals can contribute as much as $6,000 to their IRAs in 2020, with an additional $1,000 catch-up contribution allowed if the account owner is 50 or older.
However, the income limitations for Roth IRA contributions are changing. In 2020, savers will be able to contribute to a Roth IRA with a slightly higher adjusted gross income (AGI) than is allowed in 2019. With that in mind, here's a quick guide to the 2020 Roth IRA income limitations and what they mean to you.
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Source Fool.com
