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This video DOES NOT go into tax specifics as I am not a tax advisor.
For more details on the 8606 form, see:

Site I used to open my IRA and Roth IRA:
If you contribute the maximum of $6000 per year starting at the age of 18 and you average a 7% return…you’ll have $2.1 MILLION Dollar by the age of 65.

Learn about Traditional IRA:
Advantages: Grow potential earnings tax deferred; No income limitations to open an account; Current year contributions may be tax-deductible
However, you’ll pay taxes on deductible contributions and earnings when you take out money in retirement.

Learn about Roth IRA:
Advantages: Earnings grow tax-free; Qualified tax-free withdrawals; No mandatory withdrawals (unlike a Traditional IRA)
Roth IRA contributions are made on an after-tax basis. However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level. If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $139,000 for the tax year 2020 and under $140,000 for the tax year 2021 to contribute to a Roth IRA, and if you’re married and file jointly, your MAGI must be under $206,000 for the tax year 2020 and 208,000 for the tax year 2021. The maximum total annual contribution for all your IRAs combined is:
$6,000 if you’re under age 50
$7,000 if you’re age 50 or older

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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

If you are a high-income earner, you may feel like there’s no way for you to take advantage of a Roth IRA. However, there is a strategy you can use called a “backdoor Roth IRA” that can allow you to make contributions to a Roth IRA even if you exceed the income limits.

First, let’s discuss the basics of a Roth IRA. A Roth IRA is an individual retirement account that allows you to make contributions with after-tax money. This means that the money you put into the account has already been taxed, so you won’t owe any taxes on the qualified withdrawals you make in retirement. There are contribution limits for Roth IRAs: for 2021, you can contribute up to $6,000 if you are under age 50 or $7,000 if you are over age 50.

Now, let’s discuss the income limits for Roth IRA contributions. For 2021, if you are a single filer, your modified adjusted gross income (MAGI) must be less than $140,000 to contribute the maximum amount to a Roth IRA. If your MAGI is between $125,000 and $140,000, your contribution limit will be reduced. If your MAGI is over $140,000, you will be ineligible to contribute to a Roth IRA.

However, high-income earners can use the backdoor Roth IRA strategy to make contributions to a Roth IRA even if they exceed the income limits. Here’s how it works:

1. Open a traditional IRA. You can do this through a brokerage firm or financial institution of your choice.

2. Make a non-deductible contribution to your traditional IRA. Since your income is too high to make a deductible contribution, you will need to make a non-deductible contribution. For 2021, you can contribute up to $6,000 if you are under age 50 or $7,000 if you are over age 50.

3. Convert your traditional IRA to a Roth IRA. This is the backdoor part of the strategy: you will convert your non-deductible traditional IRA contribution to a Roth IRA. Since you already paid taxes on the non-deductible contribution, you won’t owe any additional taxes on the conversion.

It’s important to note that if you have any other traditional IRAs in your name, the backdoor Roth IRA strategy may not work as smoothly. This is because the IRS looks at all of your traditional IRAs as a whole, so any pre-tax money in those accounts would be subject to taxes during the conversion process. To avoid this, you could roll over your pre-tax traditional IRA money into your employer-sponsored retirement plan, if that’s an option, or wait until you can convert the pre-tax money at a lower tax rate in the future.

As always, it’s best to consult with a financial advisor before making any investment decisions. They can help you determine if a backdoor Roth IRA is the right strategy for you and ensure that you are following all IRS rules and regulations.