Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

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If you're doing a Roth IRA, the top limit per year is $7,000 or $8,000, depending on your age.

And you can't put money into a Roth IRA if you have more than a certain income.

It's roughly $140,000 for single filers and $230,000 for married filers.

So that can be a limit for people who are super savers and super earners as well.

Oh, those limits are much higher.

It's about $22,000 if you're under 50 and about $30,000 if you're 50 or older.

Yes, it is absolutely definite that the laws expire at the end of 2025.

And if Congress doesn't act, they will expire.

Yes, but we don't know what's going to happen.

The Republicans want to extend the 2017 tax cuts in general.

The Democrats want to extend them for people making less than $400,000, but perhaps raise taxes on people making more than $400,000.

But, of course, this doesn't solve the problem of the money that they lose and the deficit, but that's what the battle lines are.

Well, if tax rates go up, then it will be good if you have money in Roth accounts because they won't be subject to higher taxes.

And even though you paid taxes on them going in, that's at a lower rate than future tax rates if that's what happens.

And so that's why people are thinking a whole lot about Roth contributions right now in the next couple of years.

Well, they can look at what their options are.

Do they earn income that would allow them to make direct Roth IRA contributions?

Does their employer offer a Roth 401k plan?

Does it allow people to transfer between their traditional 401k and their Roth 401k?

In many cases, they can.

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