If I contribute to my 401k to the point of reducing my taxable income to below the limit required to contribute to a Roth IRA, can I then contribute to a Roth IRA?
For example, if I make $148,000 per year, I'm not eligible to contribute to a Roth IRA because my income is too high. However, if I contribute $20,000 to my 401k during the year, then my taxable income is reduced to $128,000 because 401k contributions happen pre-tax, right? So now, with a $128,000 income, I'm eligible to contribute a full $6,000 to a Roth IRA, right?
Submitted February 25, 2022 at 11:12PM by hovalsteen https://ift.tt/X1ZEGgj
