Have you ever heard that if you “make too much money”, you can’t invest inside of a Roth IRA? 🤔 ⠀⠀⠀⠀⠀⠀⠀⠀⠀ This is *partially* true ⠀⠀⠀⠀⠀⠀⠀⠀⠀ How much $ you’re allowed to contribute (add) to a Roth IRA depends on 2 things: ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 1) How you file your taxes (single, MFJ, etc) 2) Your income (MAGI to be more specific) ⠀⠀⠀⠀⠀⠀⠀⠀⠀ (If you expect your income to be about the same this year and plan on filing the same way, you can use last year’s tax return as a decent guide to figure out where you fall) ⠀⠀⠀⠀⠀⠀⠀⠀⠀ But long story short… ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If your income falls UNDER the income limits ($150k if single or $236k if MFJ)… ⠀⠀⠀⠀⠀⠀⠀⠀⠀ you can max out your Roth IRA the “regular way” ⠀⠀⠀⠀⠀⠀⠀⠀⠀ (I.e: just “add” the full $7k or $8k if you’re 50 or older) ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If your income is OVER the limit ($165k if single or $246k if MFJ)… ⠀⠀⠀⠀⠀⠀⠀⠀⠀ you’re “blocked” from being able to contribute any new $ the “regular way” ⠀⠀⠀⠀⠀⠀⠀⠀⠀ (There’s a 6% penalty that applies if you “overfund a Roth IRA” and tha...