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Yes, you can perform a backdoor Roth IRA contribution if your income is $240,000. The backdoor Roth IRA strategy is a workaround for high-income earners who can't directly contribute to a Roth IRA due to income limits. You can do this by making a non-deductible contribution to a Traditional IRA (there's no income limit for non-deductible contributions), and then converting the Traditional IRA to a Roth IRA. Since the initial Traditional IRA contribution was non-deductible and you've already paid taxes on the amount contributed, you generally won't owe taxes on the conversion, except for any earnings generated between the contribution and conversion. Keep in mind that the pro-rata rule applies when doing a backdoor Roth conversion; if you have pre-tax money in other IRA accounts, the conversion may be subject to taxes. It's crucial to understand how the pro-rata rule may affect you before proceeding with a backdoor Roth IRA conversion.