3 ways for higher-income taxpayers to enjoy tax-free Roth accounts
Abstract: Roth IRAs offer substantial benefits. Although contributions aren’t deductible, qualified distributions are tax-free — the growth is never taxed. And unlike traditional IRAs, Roth IRAs have no required minimum distributions, so those who don’t need the money in retirement can let the entire balance grow tax-free to benefit their heirs. But modified adjusted gross income (MAGI)-based phaseouts limit who can contribute. This article lists three ways higher-income taxpayers can still take advantage of Roth accounts.