Taxes

"Backdoor" Roth is a non-deductible contribution after-tax-dollars to a traditional IRA then convert it to a Roth.

Traditional IRA Contribution Limits
Filing StatusYearIf You Make Above This Income, Your Deduction Phases OutIf You Make Above This Income, You Lose Your Deduction
Single2019$64,000$74,000
2020$65,000$75,000
Married Filing Jointly2019$103,000$123,000
2020$104,000$124,000
Married Filing Separately2019$0$10,000
2020

Simple IRA Contribution Limits
20192020
$13,000$13,500
Over 50 Catch-Up
$3,000

2019 & 2020 Combined Roth & Traditional IRA Contributions
Under 50$6,000
Over 50$7,000

401k / 403b / 457 / Thrift Saving Program Contributions
20192020
$19,000$19,500
Over 50 Catch-Up
$6,000$6,500

For tax preparation in Farmington, Maine, you can count on Laura T. Kwon. She assists taxpayers and small business with Taxes throughout the state. She has years of experience within different organizations and is both a Registered Tax Specialist as well as a Certified Senior Advisor. Laura is especially qualified to help you with tax preparation, tax planning, bookkeeping, estate and trust taxes, and much more.