If you are above the Roth IRA contribution income limit, you can add still money to a Roth IRA using the following strategies:

  1. Converting a traditional IRA: If you have a traditional IRA, you can convert a portion or all of this account to a Roth IRA without paying any penalties. However, you will have to pay income tax that year on whatever dollar amount you convert. It is important to consult with your tax advisor when considering a Roth conversion. In general, the younger you are, the more beneficial a roth conversion may be.

  2. Making a backdoor Roth IRA contribution: This strategy essentially allows you to make a Roth contribution with one extra step. It works best for individuals who do not have any other IRAs (Traditional IRA, Rollover IRA, SIMPLE IRA, or SEP IRA) as there may be tax implications if you do have other accounts.

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