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Fidelity IRA Conversion
Vanguard IRA Conversion
Charles Schwab IRA Conversion
Pro Rata Rule
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#RothIRA #BackdoorRothIRA #RothIRAConversion
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This video is for entertainment purposes only. I am not in any way acting as an agent or representative of the Department of Defense or United States Federal Government when presenting this information. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.
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LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Thanks for watching everyone! Be sure to give this video a LIKE if you found it informative. If you know something I don't about this process, then leave a comment down below to help the community!
At 14:45, you suggest that we should zero out any balance… how do we do that if we can’t convert it and can’t withdraw it?
Sorry I confused , opening both 0$
Tradicional ira and Roth IRA
BUT I ONLY MAKE 20k to 28k
If these for me or only if make over 100k
Please I ready but confused
Hi Jake, I am in the phase-out range for Roth IRA contribution and not eligible for Traditional IRA deduction. Would you suggest I put all $6000 in Traditional IRA and do the conversion?
Awesome information. Now I feel comfortable for backdoor R-IRA.
Great video, if YouTube was fair it’d have way more views
Can you make a video of what specific Index founds I can buy for the Roth IRA ? Thank you
I’m a little confused: at around 11 min you said you never reached the deduction limit for the traditional. Isn’t the deduction limit set by your gross income… or did you mean to say: you never surpassed the contribution limit for the traditional?
i have rollover IRA (pre tax from previous 401k), is it considered as traditional IRA or not?
This is hands down the best Backdoor Roth video on YouTube
never had someone explain this so nicely. Thanks!
Hi jake, I had a job I resigned from a month ago, can I roll over my traditional 401k to Roth IRA to fidelity bank instead of rolling it over to my new job which is my tsp account. I
Question, why would someone put money into a traditional IRA and then back door the 6,000 into a roth? Wouldn't you put that into the Roth from the start? And then if you have a traditional IRA you would roll it into your current employer's 401k? How does that make you able to backdoor into a roth? Sorry I think I missed something. Thanks for your help!
Great video. I have a question, if my employer does not offer any type of retirement plan can I deposit money into a Traditional Roth to get the tax deduction, and then do a back door Roth conversion as well? Thanks in advance!
This is kind of a weird question, but let's say someone makes less than 64k. If they put 6k into a traditional ira and receive the tax deduction for doing so, can they then do the backdoor roth ira? In this scenario they would get a tax deduction for the traditional ira contribution and then their money would grow tax free in their roth ira. So no taxes at all on any of that invested income. Is that correct?
Hmm, I put $7000 into my Roth IRA with Fidelity; but I'm projected to earn ~$160k this year. Wasn't aware of the income limit.
Good luck, guys, trying to get your wife to watch this video so that she might go along with the plan. "Just sign here, honey."
You know, if my retirement savings were all Roth, I'd be having way too much fun now.
Such excellent information. It’s hard to just go to a bank and set this up, between the fees and the less than stellar explanations and the pressure, it is easy to make poor choices. Thanks!
Thanks Jake. Quick question – I don't have a traditional ira account so i fit into the 2nd scenario where you suggested to zero out. Is there a time limit as i did not create the account/start contributing yet. Can I still do it? Are there any deadlines/rules? Thanks in advance.
Jake, can you explain how a "self directed Roth IRA" works and using an LLC to purchases investments with it? Thank you!
Hi Jake, thanks for the information. I’ve had a Roth for some time but, haven’t been able to contribute. I just opened a traditional IRA with vanguard and I’m waiting on my $6k to clear so, I can convert it before the 2020 contribution year deadline! So glad I found your channel!
What is the difference between rollover IRA and traditional IRA? I have an old 401k that needs to be rollover, should I rollover to a traditional IRA or a rollover IRA? Which one is better? Thank you!
Great video Jake!
Question, I want to contribute $6k to traditional IRA for 2020, make no investments, then convert to Roth in 2021. Will I have to pay tax on the conversion on 2021 tax forms? Thank you!
Thank you for yet another extremely helpful video!
It can't be explained in more simpler words.
I love how you didn't miss a beat when explaining this. I have got bits and pieces over the past few years but no clear explanation like this. My wife and I make over 209k. We have a good bit in simple ira, personal ira and tsp. We even contributed to our simple ira thinking that we wasted our money last year because we made too much. So I'm going to contribute and max out our 2020 ira's. Then convert all our traditional ira's to roth. From now on I will max out or traditional ira's and convert them to roth as soon as they fund. It's going to sting! But before we have to pay for everyone's college, healthcare, tv, gas, food, and virtual reality life I want to be enjoying tax free retirement. Plus I can draw dividends up to $78,000 federal tax free. And none of that will be considered income so they won't tax social security much if any. You helped fill in the puzzle pieces for me. Thank you!!
Can I do a backdoor Roth IRA if I currently participate in an employer's retirement plan already ?
Jake. I understand the concept of Roth IRA, but the way you specifically explained around 10:50-12min mark, could the IRS penalize you if they are aware of the purpose?
And doors it matter what month of the year this happens?
Great channel and videos.
Hi, maybe I missed it but I don't understand #2 part 2 – Empty out Traditional IRA or open roth. If you open the roth directly how do you convert it to the backdoor roth? I was told to open a traditional then convert it a roth and that becomes the back door roth. TIA.
I tell everyone that your goal should be to make so much more money when your retired. For some reason, people think $40K a year is enough to live comfortably. Maybe in some real low cost of living areas, but I'm hyperfocused on investing as much as we can.