For 2021, Roth IRA contributions are not allowed for single filers with a modified adjusted gross income (MAGI) of $140,000 or more (it rises to $144k in 2022) or married couples filing jointly whose MAGI exceeds $208,000 (rising to $214k in 2022). A Roth IRA allows for tax-free qualified distributions in retirement, which may be invaluable if you anticipate landing in a high tax bracket when you retire. Fortunately, there is an available solution to the Roth IRA roadblock for affluent taxpayers: a backdoor Roth IRA.

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