Roth IRAs are a great way to invest with tax-free growth, but with a tax benefit this good, there are definitely some pitfalls to watch out for. In this video I break down 15 of the worst IRA mistakes I’ve seen as a CPA. Whether it’s contributing too much to a Roth or not understanding the backdoor Roth IRA rules correctly (including the pro-rata rule), you definitely want to avoid these Roth IRA blunders to maximize your retirement investing.

Other Videos Mentioned:
– Traditional vs. Roth IRAs:
– How to Open Up a Backdoor Roth IRA With Vanguard:
– The Allec Family Vlog:

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Table of Contents:
0:00 Roth IRA Warnings
1:37 #1 Not Exploring Other Investment Options
5:00 #2 Contributing to a Roth IRA Without Earned Income
6:33 #3 Contributing to a Roth IRA With Too Much Income
8:38 #4 Not Taking Into Account the Pro-Rata Rule on Backdoor Roth IRA Conversions
10:17 #5 Not Completing Form 8606 on Backdoor Roth IRA Conversions
10:28 #6 Missing the Deadline to Contribute to a Roth IRA
11:30 #7 Contributing to a Roth IRA When a Traditional IRA Makes More Sense
13:16 #8 Not Investing the Money in Your Roth IRA
14:15 #9 Withdrawing Money Too Early From Your Roth IRA
15:37 #10 Not Listing a Beneficiary for Your Roth IRA
16:11 #11 Not Considering Roth Conversions
16:49 #12 Holding the Wrong Assets in Your Roth IRA
17:56 #13 Ignoring the 5-Year Rules
18:35 #14 Ignoring the Fact That Congress Could Change the Roth IRA Rules
19:16 #15 Not Opening a Roth IRA At All

#rothira #ira #retirement…(read more)

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