Above the Roth IRA Income Limit for 2024? Here's Another Route Investors Can Take.
Roth IRAs are among the best retirement accounts available because of their unique tax break. Instead of contributions being deductible like a 401(k) or traditional IRA, contributions are made after tax with the chance for tax-free withdrawals in retirement.
Having the opportunity to have your investments grow and compound without taxes waiting at the end is a financial gift. Countless people save thousands of dollars using a Roth IRA.
Unfortunately, not everyone is eligible to contribute to a Roth IRA because of its income limit. In 2024, the most you can earn and contribute to a Roth IRA is $161,000 if you're single and $240,000 if you're married and filing jointly. If you're ineligible for Roth IRA contributions, however, there is another route you can take.
Source Fool.com
