Is the Roth IRA income limit based on your tax return from the previous year?

For instance, may we make contributions to a Roth IRA in 2024 if my taxes from 2023 indicate that our household income is below the threshold? But I am aware that we will exceed the household cap in April of next year when we submit our taxes for 2024. So I guess my point is, can your income be higher when you file your taxes for the same year if you donate in that same year?

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The 2024 limit is based on your 2024 taxable income. If you’re nearing the threshold, consider maxing out your 401(k) and HSA.

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And if you are above the limit entirely, open a Backdoor Roth IRA. Backdoor Roth’s page on Bogleheads.org :100:

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You can still do a backdoor Roth IRA even if you are not over the limit, so it is worth considering if you think you might be close.

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Quick question - I started a Roth IRA before learning about the income limit, and lately, I have been getting closer to exceeding it. If I do hit the limit, can I just backdoor into the same account I have been using, or will I need a new one?

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You can use the same account.

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This is the right approach, but OP’s method seems more practical. It achieves the same result without needing to predict your annual earnings. :100: