I'm still learning about the details between the traditional and Roth IRA and I'm trying to figure out what the income limits would mean for those making a MAGI of over 250k.
Since I'm over that amount for the MAGI, would that mean I couldn't take advantage of either IRA that I have for Vanguard? Are there penalties for contributing while having income over 250k?
These are probably dumb questions, but with all the information out there I figured I'd ask since I can't seem to understand what my options are. For example, since I'm over 250K, would that mean I cannot use a traditional IRA and deducte my contributions on taxes?