I feel everyone should have a Roth IRA, but some people make too much money to contribute. While that’s a good problem to have, there is another way. The Backdoor Roth! We also talk about the dreaded Pro-Rata Rule.
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Can do join backdoor conversation for 12k?
The easiest way if you have a 401k, just roll the traditional IRA into it. Boom then your clear to do a back door roth.
Another good one, keep 'em coming!
Great explanation. I've investigated this a few years back. Haven't qualified for a Roth in a long time. Yeah, good and bad. But I had an IRA just like you said. But last year I moved all the IRA money into a Solo 401k where I invest in real-estate notes. I think I'm just going to wait until I FIRE (soon) and then wait until I'm in a super low tax bracket. Then convert small chunks building out a Roth ladder, which I can then withdraw from after 5 years. Once I FIRE, I'll also Roll part or all of my 401k into the Solo 401k and get into more investments and stocks. That's my plan anyway. Thoughts?
I misspoke at 5:04, I actually meant to say a non-deductible CONTRIBUTION