In this video I’m talking about the Spousal Roth IRA contributions, income limits and how it works. The spousal Roth IRA uses the earned income from your spouse to make a contribution to your own Roth IRA. I’m also talking about a backdoor Roth IRA contribution if you earn too much.
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TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
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Information in this video is for educational and entertainment purposes only.
sicklehunter.com/disclosures
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Thanks for the info Travis. I had a rollover IRA (pre-tax) of $1500 from my previous company's 401k. I opened a traditional IRA and a Roth IRA for the first time. I moved that $1500 to roth IRA (on 03/15/2021) which I intend to report for tax next year. On 03/29/2021, I moved $6K (non-deductible due to high income) in traditional IRA and then immediately moved to Roth IRA on 04/05/2021. Basically between 3/15 to 3/29, there was $0 in my Traditional & Rollover IRA. Would the pro-rata rule still apply? Thanks.
Then what happens if you don't have any money in the traditional IRA..
Hi Travis, thanks for the video but I have a question because your video confused me a bit. I have a traditional IRA in my wife's name that I contribute in for my wife. I also have a traditional IRA for myself that I keep at $0 because I immediately do a Roth conversion because my income is close to that threshold. Are you saying since my wife has a traditional and I have a roth I will have now a taxable event? I wanted to keep hers Traditional for the tax credit and keep mine Roth to get some tax free growth. Am I doing something wrong? I thought are accounts are treated separately for coversions?
Do u ever hold live presentations? If yes when?
Thank you for all the information u give Travis