Retirement

Roth IRA income limits to contribute are $144,000 for single filers and $214,000 for married filing jointly filers for 2022. Backdoor Roth IRAs allow individuals with earnings above these thresholds to contribute to a Roth IRA. This article explains how a backdoor Roth IRA works, the possible tax effects, the five-year rule, and advice on determining whether a backdoor Roth is for you. 

Traditional and Roth IRA plans are used to secure funds for retirement. They have similarities and differences, mainly in their contribution and distribution rules. Generally, the account best for you in retirement depends on your specific tax situation.