‘- To qualify for a contribution, you simply need “earned” income. There are no longer any age restrictions, just the need of “earned” income.
2021 Contribution Maximums:
- $6k under age 50
- $7k age 50+
- Traditional with tax deduction
- Traditional without a tax deduction
- Roth without a tax deduction
- Unsure which type? You are able to recharacterize your contribution by October 15th of the year AFTER your contribution.
Tax diversification, having accounts with varying types of tax benefits, is most advantageous when approaching and proceeding through your retirement!
To discuss your specific situation and options, please click here.