What exactly does it mean to “make too much money for a Roth IRA”? 👇🏼 ⠀⠀⠀⠀⠀⠀⠀⠀⠀ In short, there are 2 things that determine your ability to contribute (add new $) to a Roth IRA: ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 1) Your filing status (how you file your taxes) ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 2) Your income (Modified Adjusted Gross Income to be specific) ⠀⠀⠀⠀⠀⠀⠀⠀⠀ The IRS releases “income ranges” that determine how much $ you’re able to contribute to a Roth IRA every year depending on those 2 things I just listed ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If your income is UNDER the ranges, you can max out your Roth IRA the “regular way” without any issue ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If your income is WITHIN the ranges, you can only contribute a reduced amount to your Roth IRA the “regular way” ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If your income is ABOVE the ranges, you’re “phased out” (blocked) from being able to contribute $ to a Roth IRA the “regular way” ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If you’re “blocked” based off of your income and still contribute to the Roth IRA normally, a 6% penalty can apply until you remove the $ fro...