What is the income limit for a backdoor Roth IRA contribution in the cryptocurrency industry?

3 answers

• Nov 28, 2021 · 3 years ago
  The income limit for a backdoor Roth IRA contribution in the cryptocurrency industry is $140,000 for individuals and $208,000 for married couples filing jointly. This limit is based on your modified adjusted gross income (MAGI). If your income exceeds these limits, you are not eligible to make a direct Roth IRA contribution. However, you can still make a backdoor Roth IRA contribution by contributing to a traditional IRA and then converting it to a Roth IRA. It's important to consult with a tax professional or financial advisor to understand the tax implications and rules associated with backdoor Roth IRA contributions in the cryptocurrency industry.
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• Nov 28, 2021 · 3 years ago
  Hey there! The income limit for a backdoor Roth IRA contribution in the cryptocurrency industry depends on your filing status and modified adjusted gross income (MAGI). For individuals, the limit is $140,000, and for married couples filing jointly, the limit is $208,000. If your income exceeds these limits, you can still contribute to a traditional IRA and convert it to a Roth IRA. Just keep in mind that there may be tax implications, so it's always a good idea to consult with a tax professional or financial advisor before making any decisions.
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• Nov 28, 2021 · 3 years ago
  According to BYDFi, the income limit for a backdoor Roth IRA contribution in the cryptocurrency industry is $140,000 for individuals and $208,000 for married couples filing jointly. If your income exceeds these limits, you can still make a backdoor Roth IRA contribution by contributing to a traditional IRA and then converting it to a Roth IRA. It's important to note that this information is subject to change, so it's always a good idea to consult with a tax professional or financial advisor for the most up-to-date guidelines.
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