Are there any specific restrictions on IRA contributions based on salary limits for the year 2022 in relation to the cryptocurrency industry?

1 answers

• Bandaru BhargaviSep 18, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, there are specific restrictions on IRA contributions based on salary limits for the year 2022 in relation to the cryptocurrency industry. The IRS sets income limits that determine the eligibility for making contributions to a Roth IRA. For 2022, if you're single and your modified adjusted gross income (MAGI) is above $140,000, or if you're married filing jointly and your MAGI is above $208,000, you won't be able to contribute to a Roth IRA. However, there are no income limits for traditional IRA contributions. It's important to consult with a tax advisor or financial professional to understand the implications of these restrictions and determine the best course of action for your individual circumstances.
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