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    How To Buy a Roth IRA When You Make Too Much To Qualify For One

    Sep 23, 2020 3 minutes

    While contributions to a Roth IRA are never tax deductible, these accounts grow tax-free and any qualified withdrawals come out tax-free as well — which makes them a great deal.

    The problem is if your income is over $139,000 for a single taxpayer (or $206,000 for married filing jointly) you don’t qualify to contribute to a Roth IRA.  But there may be another way some high-income earners can still put large amounts into these Roth IRA accounts.

    In 2020 anyone, regardless of how much they make, can save up or Roth 401(k) or similar retirement plan, and if you're 50 years of age or older, you can put in an additional $6,500, as a catch-up contribution, for a grand total of $26,000.

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