Comments on: Roth IRA Rules and Contribution Limits for 2024

By: Jeff Rose, CFP®

Jeff Rose, CFP® — Fri, 08 Apr 2022 14:49:34 +0000

In reply to Rex or Mary Boatright. Different custodians may have a minimum you can fund a Roth IRA with. Most online brokers like M1 Finance and Robinhood don't have minimums.

By: James

James — Tue, 15 Feb 2022 18:31:53 +0000

Hi Jeff,

I may or may not have an issue. Over the past couple of years, I contributed roughly $2500 of post-tax money to my Traditional IRA. When I realized that Trad IRAs are made for pre-tax contributions, not post-tax and that I might get double-taxed later in life when I withdrawal the money, I then opened up a Roth IRA and redirected my future post-tax contributions to my Roth IRA.

Is there anything I can do about getting that post-tax Trad IRA money moved into my Roth IRA without paying more taxes or is the amount too small to worry about and just take the double-tax down the road?

Also, will I get double-taxed on profits from post-tax Trad IRA money down the road when I take distributions?

Thanks a lot Jeff! Love your YouTube Channel!

By: Rex or Mary Boatright

Rex or Mary Boatright — Fri, 26 Nov 2021 18:47:47 +0000

What is the most amount of money you can put into a ROTH IRA when starting the ROTH IRA?
Ie: I realize there are annual limits, however is there a limit to how much can go into the new ROTH IRA to get it started?

By: Jeff Rose

Jeff Rose — Wed, 15 May 2019 14:02:50 +0000

In reply to Ken Yancey. Only if you have earned income

By: Karl schroeder

Karl schroeder — Thu, 04 Apr 2019 03:05:11 +0000

Please explain why a married person filing taxes separatly and living together not head of house hold can not contribute to a existing I. R. A..
Thanks, Karl Schroeder

By: Ken Yancey

Ken Yancey — Sat, 30 Mar 2019 01:50:28 +0000

I retired august, 2018. can I contribute to my Roth IRA in 2019?

By: Just Curious

Just Curious — Thu, 07 Feb 2019 05:15:03 +0000

Is Betterment your favorite because of their disclaimer? “The website that directed you to Betterment is a Solicitor of Betterment (“Solicitor”) and can receive up to $1,250 in compensation from Betterment LLC if you open an account through this page. You will not be charged any fees or additional costs for being referred. The Solicitor may promote Betterment’s investment adviser services and may offer independent analysis and reviews of these services. Betterment and the Solicitor are not under common ownership or otherwise related entities.”

By: Jeff Rose

Jeff Rose — Mon, 28 Jan 2019 23:51:54 +0000

In reply to Matt Nichols. It's not shoddy reporting Matt, the laws keep changing faster than we can update articles.

By: Matt Nichols

Matt Nichols — Fri, 25 Jan 2019 14:12:47 +0000

Sorry but recharacterizing these conversations is no longer permitted! More shoddy reporting!

Can I recharacterize a rollover or conversion to a Roth IRA?
Effective January 1, 2018, pursuant to the Tax Cuts and Jobs Act (Pub. L. No. 115-97), a conversion from a traditional IRA, SEP or SIMPLE to a Roth IRA cannot be recharacterized. The new law also prohibits recharacterizing amounts rolled over to a Roth IRA from other retirement plans, such as 401(k) or 403(b) plans

By: Jeff Rose

Jeff Rose — Sat, 01 Dec 2018 20:33:25 +0000

In reply to Grace Gasteluz. Hi Grace - That's the point of the Roth IRA. If you don't take withdrawals before age 59.5, and you've been in the plan for at least five years, there are no taxes.