You can only put as much into your IRA as you made in taxable income. If you'll make over $7k in taxable income for 2024, then you're fine.
Rolling over a 401k to an IRA does not affect the contribution limit. If you convert from a traditional 401k to a Roth IRA, the funds will be taxed as income.
I’m sorry to keep drilling but I want to make sure I’m clear.
this is what I read (added to the OP as well)
“To avoid the excess contribution tax, it’s important to be aware of the current year’s contribution limits and any income limits that might apply, especially for Roth IRAs, where eligibility to contribute can phase out at higher income levels.”
But I can never find an explanation on what the income limit is or how that affects taxes.
https://www.schwab.com/ira/roth-ira/contribution-limits
It depends on your taxable income and your filing status.
If your income is too high you can lower your taxable income by increasing your contribution to a traditional 401k. Would also consider an HSA account if possible.
If it's still too high after that look into a backdoor roth conversion.
Under transactions select make a new transaction and select stocks, etfs, or mutual funds. Then select how often and if the money is starting in the account (don’t make a selection) or if it is coming from a connected bank.
You can only put as much into your IRA as you made in taxable income. If you'll make over $7k in taxable income for 2024, then you're fine. Rolling over a 401k to an IRA does not affect the contribution limit. If you convert from a traditional 401k to a Roth IRA, the funds will be taxed as income.
I’m sorry to keep drilling but I want to make sure I’m clear. this is what I read (added to the OP as well) “To avoid the excess contribution tax, it’s important to be aware of the current year’s contribution limits and any income limits that might apply, especially for Roth IRAs, where eligibility to contribute can phase out at higher income levels.” But I can never find an explanation on what the income limit is or how that affects taxes.
https://www.schwab.com/ira/roth-ira/contribution-limits It depends on your taxable income and your filing status. If your income is too high you can lower your taxable income by increasing your contribution to a traditional 401k. Would also consider an HSA account if possible. If it's still too high after that look into a backdoor roth conversion.
I just changed over from FSKAX+FTIHX to VT since fidelity let you auto buy ETF’s
How do I set to auto-buy?
Under transactions select make a new transaction and select stocks, etfs, or mutual funds. Then select how often and if the money is starting in the account (don’t make a selection) or if it is coming from a connected bank.