Questions and Answers

Question: I’m retiring later this year. Can I contribute to a Roth IRA in addition to my 401(k) deferral?

Answer: Probably. There’s nothing against contributing to both a 401(k) and a Roth in the same tax year.  To qualify for Roth contributions, you must have earned income for the year of the contribution. But the ability to contribute to a Roth is phased out for high-income taxpayers.  For 2022, the upper threshold is $144,000 of modified adjusted gross income and $214,000 of MAGI for a joint filer. No age limit applies to Roth contributions.