Roth Contribution Income Limit 2018 & 2019
Client age 75 still has W2 wages approx $40-$50k 2018 & estimated 2019 $175k to $210k. 2018 tax return has not been filed yet. Can he still contribute for 2018 to his Roth? If so how much? As for 2019, how much can he contribute to his Roth & when? Is it possible for those over age 59.5 when contributing to their Roth to add an additional $1k for every year they have missed making their Roth contribution on top of the maximum contribution for 2018 (assuming they still are allowed to contribute) or 2019?
Permalink Submitted by Alan - IRA critic on Thu, 2019-05-16 19:03
The deadline for 2018 contributions was 4/15/2019. For 2019 he can contribute up to 7000 until the tax due date in April, 2020, but cannot contribute for any year prior to 2019. If client’s employer offers a 401k it might also include Roth contributions as an option, but with estimated earnings in 2019 of 175k, a pre tax 401k contribution would likely be preferable to Roth contributions.