Can I contribute to a Roth IRA and use it to invest in cryptocurrencies? Are there any income limitations?

1 answers

• ShashikumarOct 05, 2022 · 3 years ago
  Yes, you can contribute to a Roth IRA and use it to invest in cryptocurrencies. However, it's important to note that there are income limitations for contributing to a Roth IRA. The IRS sets income limits based on your modified adjusted gross income (MAGI). For single filers, the phase-out range for 2021 is between $125,000 and $140,000. For married couples filing jointly, the phase-out range is between $198,000 and $208,000. If your income exceeds these limits, your ability to contribute to a Roth IRA may be limited or completely phased out. It's always a good idea to consult with a financial advisor or tax professional to understand the specific rules and limitations that apply to your situation.
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