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Other Roth IRA Videos Mentioned:
Ultimate Guide to Roth IRA Conversions –
Traditional vs Roth IRA – Which one is right for you? –
The Story of My Roth IRA –
Backdoor Roth IRA Step by Step Instructions – Do you make too much money to qualify for Roth contributions? You can still take advantage of my favorite retirement account by taking advantage of a tax loophole called the backdoor Roth IRA.
In this video, I describe what a backdoor Roth IRA is, why you would want to do one and then I walk you through step-by-step on how to do implement a backdoor Roth IRA. I also describe the common pitfalls to look out for so you don’t accidentally trigger a huge tax bill!
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To becoming great with money,
Rich McCormack, CFP®
www.schoolofpersonalfinance.com
School of Personal Finance is an Investment Advisor registered with the State(s) of New York. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy, or the completeness of, any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. Please contact us at 914-299-3843 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate any restrictions on the management of the account or modify existing restrictions. Additionally, we recommend you compare any account reports from SPF with the account statements from your Custodian. Please notify us if you do not receive statements from your Custodian on at least a quarterly basis. Our current disclosure brochure, Form ADV Part 2, is available for your review upon request, and on our website, www.schoolofpersonalfinance.com. This disclosure brochure, or a summary of material changes made, is also provided to our clients on an annual basis….(read more)
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Have you ever heard of a Backdoor Roth IRA contribution before? Have you ever done it?
Hi, I’m retiring in 6 yrs time. Is it too late to contribute or start on it?
Thank you so much for this education. I've listened to a lot of backdoor roth IRA strategies on you tube but this one just simplified it!
Would you convert immediately or wait a period due to the step transaction doctrine? Also, how many times can you convert in a year if you don’t have the $6000 all at once to contribute and convert? Will this add more tax forms for each conversion?
Another great video. Love it.. Quick question.. what if I open a traditional IRA account with another/new broker and then convert it to Roth. Do I still have to follow IRS pro-rate conversion rule?
Great video thank you. Can you do another video on using HSA accounts along with health insurance.