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This is how to create a backdoor Roth IRA if you are on high income…
1. Put money into a traditional IRA account. If you don’t already have one, you’ll need to open one and fund it.

2. Convert your contribution to a Roth IRA.
You will be guided by the IRA administrator on the necessary paperwork to convert to a Roth IRA. If you don’t have a Roth IRA, you’ll open one during the conversion.

3. Prepare to pay taxes.
Roth IRAs are funded by post-tax dollars. You’ll need to pay income tax on the money being converted in that year’s tax return. Also you have to give any tax deductions back from your previous traditional IRA contributions.

4. Prepare to pay taxes on the gains in your traditional IRA.
You will be required to pay tax on any investment gains on your traditional IRA that you are converting.
Do you want to know how to protect the value of your retirement savings? Get free report at ▶️
This Roth IRA explained video shows how to create a backdoor Roth IRA. It enables people who are on higher income brackets to open a Roth IRA.

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