Unfortunately, not everyone is eligible to stash their money away in an IRA or deduct it from their income taxes. The Internal Revenue Service (IRS) can't have people hiding too much of their income in tax-sheltered savings. Therefore, there are certain Roth and Traditional IRA income limits put in place to regulate who is able to use them to their full extent. Knowing what these limits are and if you qualify will help you make informed decisions about how you plan to use your IRA vs 401k investments.  In fact, as you read below, we'll also address a common misconception about whether or not you can use an IRA to stash your savings, and … [Read more...]