How the Wealthy 1% Use Backdoor Roth IRAs to Their Advantage!
Take Your Finances to the Next Level ➡️ Subscribe now:
Download FREE Financial Resources from the show ➡️
Sign up for the Financial Order of Operations course ➡️
Download The Money Guy Net Worth Tool ➡️
Our professional focus is on financial planning and investment management, and we leverage our knowledge for your benefit. We help you focus on the things you can control and manage the things you can’t. Visit our site for more info ➡️
Facebook:
Instagram:
Twitter:
TikTok:
Let’s make sure you’re on the path to financial success – then help you stay there!
The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW!
We can’t wait to see you accomplish your goals and reach financial freedom! New shows every week on YouTube and your favorite podcast app. Thanks for coming along on the journey with us….(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Is it possible to do Roth 401k conversion to a Roth IRA?
The truth is, I could not put money in the past on a Roth IRA because most of the money I made went out and I wanted to maximize employer match on other things like 401K and ESPP. Now that I have money left and want to contribute to a Roth IRA I am limited because I make too "much money".
Which I hilarious because i really don't think $200K ish a year for a married couple is a LOT of money, most go to pay extremely high property taxes, mortgage, home maintenance, HIGH property insurance, state tax, … so I was limited to only open a Roth IRA $3K.
Every year! I'd do more if I could! My IRA sits a zero all year and then I deposit 7000 and roll it to my Roth that next week. Zero growth zero taxes 100% in my Roth.
I have a 401k rollover IRA in 2022. Can I roll that IRA back into a 401k and then make a backdoor Roth contribution for 2022? Or would I need to wait until 2023 to make the Roth conversion to avoid pro-rata rule taxation"?
PUSH YOUR OWN BOUNDARIES "IN INVESTING , WHAT IS COMFORTABLE IS RARELY PROFITABLE—Nancy Sherwood
Better use it now. The build back better legislation would have closed this loophole, had it been enacted. I wonder how much longer it will be allowed.
If I have a SEP IRA as an employee that is fully employer funded, will I be able to do the back door?
Hypothetical ques. If there is $20,000 In trad IRA can one rollover the entire Amount ? Or is there a cap?
Why is their a salary cap on Roth IRA?
Uncle Sam is losing out on billions of tax dollars.
You guys need some new content I've been watching for years but you keep repeating the same things again and again.
I get that episode titles need to drive engagement, but I think titling things like "how the wealthy 1% use this tool" is harmful. This is a tactic used by millions of financial mutants who aren't close to part of the wealthy 1%. Titles like this put that negative stereotype in the public's mind — similar to the Peter Thiel article which helped put the Backdoor Roth on the chopping block.
Brian is the investing king! I am inspired by his channel. Brian inspires me to continue my own YouTube channel on Finance and Investing.