💥 WE POST THE BEST INVESTING VIDEOS. LET’S GET IT! 💥

#shorts #tiktok #youtubeshorts

Credit is in the title for the TikTok username
Copyright issues: TheInvestmentGuruHQ@internetfame.com
Disclaimer: The video clips used in this video are not owned by this channel.

Tags:
tiktok , funny tiktok , new tiktok , tiktok music , tiktok music , tiktok compilation , tiktok meme , tiktok challenge , tiktok boys , tiktok girls , tiktok 2019 , tiktok 2020 , tiktok 2021 , tiktok 2022 , tiktok cringe , tiktok dance, tiktok trend , tiktok trending , ultimate tiktok , #business #businessproposal #businessideas #businessinsider #businessnews #businessowner #businesstips #businesscoach #buisnessmind #businessman #businessgrowth #businessidea #businesswoman #businessexperts #businessmotivation #businessmotivationquotes #businessmotivationalspeech #businessmoney #businessmodel #successmotivation #success #successtips #successmindset #successstory #successquotes #successlifemotivation #successvideo…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

A Backdoor Roth IRA is a clever way to contribute to a Roth IRA if you earn too much to do so outright. It involves making a non-deductible contribution to a traditional IRA and then converting that money to a Roth IRA. Doing so can provide you with tax-free growth on your investments, tax-free withdrawals in retirement, and some flexibility in terms of how you manage your retirement income.

If you want to learn how to do a Backdoor Roth IRA, you can check out the femme_financial tiktok account. Run by Taylor Medine, a Certified Financial Planner, the account offers a wealth of information and advice on personal finance topics, including IRA contributions and conversions.

Here’s a step-by-step guide to doing a Backdoor Roth IRA, based on femme_financial’s videos:

1. Determine if you’re eligible

Before you start the process, make sure you’re eligible to contribute to a Roth IRA. For 2021, the income limits are $140,000 for single filers and $208,000 for married couples filing jointly. If you make more than that, you won’t be able to contribute directly to a Roth IRA.

2. Make a non-deductible contribution to a traditional IRA

Next, you need to make a contribution to a traditional IRA. Since you won’t be able to take a tax deduction for this contribution, make sure you choose a provider that offers low fees and a wide range of investment options.

3. Wait a few days

After you’ve made your contribution, wait a few days before proceeding with the conversion. This will give your contribution time to settle and reduce the risk of any confusion or mistakes.

4. Convert your traditional IRA to a Roth IRA

Once your contribution has settled, you can start the conversion process. This involves moving the money from your traditional IRA to a Roth IRA. The process is usually straightforward and can be done online through your IRA provider.

5. Report the conversion on your taxes

After you’ve completed the conversion, you’ll need to report it on your taxes. You’ll receive a 1099-R form from your IRA provider, which you’ll need to include on your tax return. Make sure you fill out the correct forms and follow the instructions carefully to avoid any errors or penalties.

Doing a Backdoor Roth IRA can be a smart way to save for retirement and take advantage of the tax benefits of a Roth IRA. If you follow these steps and seek guidance from a financial planner or accountant if needed, you’ll be well on your way to maximizing your retirement savings. Tiktok, and similar social media platforms, offer a great starting point for learning about financial planning tips and tricks, but it’s important to always consult with a professional for important financial decisions.