Are there any specific income limits for contributing to an IRA in 2022 if I want to use the funds to buy cryptocurrencies?

3 answers

• Salsabila RamadaniJan 31, 2025 · 5 months ago
  Yes, there are specific income limits for contributing to an IRA in 2022 if you want to use the funds to buy cryptocurrencies. The income limits vary depending on your filing status and whether you're covered by a retirement plan at work. For individuals who are covered by a retirement plan at work, the income limits for deductible contributions to a traditional IRA are $66,000 to $76,000 for single filers and $105,000 to $125,000 for married couples filing jointly. If you're not covered by a retirement plan at work, the income limits for deductible contributions are $198,000 to $208,000 for married couples filing jointly. It's important to consult with a tax professional or financial advisor to determine your eligibility and understand the specific income limits based on your individual circumstances.
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• Hughes VangsgaardOct 01, 2020 · 5 years ago
  When it comes to contributing to an IRA in 2022 and using the funds to buy cryptocurrencies, there are indeed specific income limits that you should be aware of. These income limits are determined by your filing status and whether or not you're covered by a retirement plan at work. If you're covered by a retirement plan at work, the income limits for deductible contributions to a traditional IRA range from $66,000 to $76,000 for single filers and $105,000 to $125,000 for married couples filing jointly. On the other hand, if you're not covered by a retirement plan at work, the income limits for deductible contributions are $198,000 to $208,000 for married couples filing jointly. It's important to note that these limits can change from year to year, so it's always a good idea to stay updated on the latest regulations and consult with a financial advisor or tax professional for personalized advice.
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• Lomholt RahbekAug 18, 2022 · 3 years ago
  Contributing to an IRA in 2022 and using the funds to buy cryptocurrencies? You bet! But hold on, there are some specific income limits you need to know about. If you're covered by a retirement plan at work, the income limits for deductible contributions to a traditional IRA are $66,000 to $76,000 for single filers and $105,000 to $125,000 for married couples filing jointly. However, if you're not covered by a retirement plan at work, the income limits for deductible contributions are $198,000 to $208,000 for married couples filing jointly. Keep in mind that these limits can change, so it's always a good idea to double-check with a tax professional or financial advisor. Happy investing!
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