Tax Preparations
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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 Status | Year | If You Make Above This Income, Your Deduction Phases Out | If You Make Above This Income, You Lose Your Deduction |
| Single | 2019 | $64,000 | $74,000 |
| 2020 | $65,000 | $75,000 | |
| Married Filing Jointly | 2019 | $103,000 | $123,000 |
| 2020 | $104,000 | $124,000 | |
| Married Filing Separately | 2019 | $0 | $10,000 |
| 2020 | |||
| Simple IRA Contribution Limits | |
|---|---|
| 2019 | 2020 |
| $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 | |
|---|---|
| 2019 | 2020 |
| $19,000 | $19,500 |
| Over 50 Catch-Up | |
| $6,000 | $6,500 |