The Backdoor method is a clever trick to save high earners thousands of dollars in taxes. This video explains the steps to carry it out as well as the current situation in 2022 w.r.t the Build Back Better legislation. Enjoy!
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If you are above a certain income limit, you cannot contribute to a regular Roth IRA. The backdoor loophole allows you to bypass these limits by contributing to a Traditional IRA first and then converting to a Roth.
The situation in 2022 is a little more complex. The Build Back Better bill proposes to eliminate both the back door as well as mega back door hacks. The video explains all the various situations that can come out of this as well as my personal strategy.
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The Intelligent Investor by Benjamin Graham:
The Millionaire Next Door by Thomas Stanley:
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ABOUT ME:
I want to share stories and lessons learned while first moving to America, planning my journey to financial literacy, and adopting best practices into my life. As an international, it was difficult to find relevant resources to understand the aspects of life that were different in a new country. This channel is a comfortable space to have those discussions and help each other out!
DISCLAIMER:
1. The advice provided in this video is for informational/entertainment purposes only. The creators take no responsibility for any actions or decisions you may take based on the contents of the video. Please consult a professional for strategies related to your specific needs.
2. All the numbers/information are presented as of the video filming date and may change by the time viewers end up watching the video.
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LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
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Finally got around to making a video on the Backdoor Roth IRA. LMK if you have any other suggestions for me!
Great video! Does the maximum amount you can contribute to a 401k also include IRA contributions? Or are they separate
Jacob Forbai
Great video dude!! keep them coming
I had a doubt but it is irrelevant to the video does Falling of economy affects the stock market??
I recommended a professional broker to you guys sometime ago, can I get a person who invested with her
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hey Arjun, Great video…quick question how the income is calculated if you have been awarded some RSU and joining bonus. example your base is X, RSU is Y and Joining bonus is Z for a year. How will the calculation happen while determining the eligibility for Roth IRA. Also, what are your thoughts on traditional vs Roth 401K?
Same thoughts Arjun for me too. Thank you for getting this video
Did it last week because the probability of it being retroactive from Jan 1 is low 🙂
And also cuz Fidelity customer service is nice in case I do have to do the dreaded paperwork :p