Investing in Roth IRA in Year 2020 and Why you should care?

Posted  806 Views updated 1 year ago

Investing in Roth IRA is so important. This is one tool we do not see enough people using. In this short video Sanjiv Gupta CPA explains how to effectively use Roth IRA.

Year 2020 Contribution Limit for Roth IRA

The maximum amount you can contribute to a Roth IRA for 2020 is $6,000 if you're younger than age 50. 

If you're age 50 and older, you can add an extra $1,000 per year in "catch-up" contributions, bringing the total contribution to $7,000. (The limits were the same for 2019.)