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The five-year rule to get tax-free earnings out of a Roth IRA can be tricky. ... in 2024, contributions are phased out for those whose modified adjusted gross income is between $146,000 and ...
Non-qualified withdrawals: If you withdraw money from a Roth IRA before meeting the qualifying criteria (before age 59½ and before the account has been open for at least five years), the earnings ...
If you are a single filer with no other income, this would put you in the 32% marginal tax bracket and lead to a tax bill of approximately $53,014, using the rates in effect for the 2024 tax year.
You can open and contribute to a Roth IRA for the 2024 tax year until Tuesday, April 15, 2025. ... 2025 tax year. Roth IRA income and contribution limits are increasing for the 2025 tax year ...
2024 Tax-Filing Status. Income Limit for a Full Roth IRA Contribution. Roth Contribution Phases Out Entirely for Income Above. Single and head of household. $146,000. $161,000. Married filing ...
The income phase-out range for taxpayers who are contributing to a Roth IRA increased to between $150,000 and $165,000 for individuals and heads of households — up from between $146,000 and ...