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Last chance at Roth IRA contribution?

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Q. I’m retiring later this year. Can I contribute to a Roth IRA in addition to my 401(k)? D.A., Baltimore

A. Probably. You’re not prohibited from making contributions to both a 401(k) and a Roth in the same tax year. To qualify for Roth contributions, you must have earned income for the year of the contribution. However, the ability to contribute to a Roth phases out for high-income taxpayers. For 2015, the upper threshold is $131,000 of modified adjusted gross (MAGI) for a single filer and $193,000 of MAGI for a joint filer.

Tip: There’s no age limit for Roth contributions, but you can no longer contribute to a traditional IRA when you reach age 70½.

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