#CarolynBoyd #BackdoorRothIRA #RothIRA
How to Do a Backdoor Roth IRA – Legal Tax Loophole Revealed!
Want the major tax free benefits of a Roth IRA but don’t think you qualify? You can still take advantage of a Roth IRA by using a Backdoor Roth. Watch this video for tips on how to set up a Roth, the pitfalls to avoid, and how to determine if it’s right for you.
LINKS
Roth IRA Conversion Calculator:
FORM 8606:
Video on 401ks and Roth IRAs:
DISCLAIMERS
ATTORNEY DISCLAIMER: I am a licensed attorney. However, no legal, financial planning, or tax advice is provided on this channel. These videos are purely for informational, educational, and entertainment purposes only. There is no attorney-client relationship. Please consult an attorney, financial planner and/or tax advisor when making all personal financial decisions.
The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
AFFILIATE DISCLAIMER: From time to time, I may include affiliate links that allow you to find items that I recommend. This is a way for you to support the channel at no cost to you. While this channel may earn minimal sums when you use the links, you are in No Way obligated to use these links. Thank you for your support!…(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
Have you used a backdoor Roth?
Here is the best thing you can do with your money. Move it overseas like I did no more taxes. No if this or if that
Oh now you tell me!
This makes no sense to me. We are eligible to put $6k a year into a traditional or Roth IRA, $7k if old enough. Funding a traditional ira and the next day moving it to a Roth makes no sense to me… why not just put it directly into a Roth? The conversation about converting a traditional ira or non Roth 401k to a Roth has its own set of decision points… a conversion is a whole separate topic from the back door roth.
Great video Carolyn.. good content. Subscribing
Gees, did we forget that the whopping million dollars after forty years in real spending power will most likely be enough to buy some false teeth.
That was then, and this is now. Time magazine recently estimated that for a millennial with 40 years until retirement, $1 million in savings is not likely sufficient. Taking into account 3% inflation over that time period, it would be worth just $306,000 in today's dollars.Nov 27, 2016
Great video, lots of good info. Thanks
Very smooth! Awesome.
I recently transferred 45k from 403b to Roth 403b. Did I break a law?
Would love to hear how to access finds before 59.5
Carolyn im 50 I had 1 million in a 401 through my employer . They announced a sale i will be given severance and a job with the new co.my home is payed for as my car i plan on working 2 or 3 more years given my investments should gain 20 to 30 percent year over year going forward ( I've studied well ) i brokeraged my holdings to put in stocks and have stop limits in place . My plan is to only use what I need to live 40 to 50 k per year would you suggest this in ira or both roth and ira should I take a extra 8 k and fund a roth as go ? Thank you for any consideration.
Can I do this to double the amount I'm allowed to contribute per year? I already have a Roth IRA.
Thank you Carolyn. My wife and I are considering a back door Roth now and your video explained it in an much easier manner than I heard it stated before. Thank you!
Thanks for the great content. Please keep the videos coming!
create more videos please. we like them.
create more videos please. we like them.
great to know that you don't have to withdraw Roth IRA at a specific age
Nice introduction to the backdoor Roth Carolyn. However, I believe you are mixing up Roth conversion with the backdoor Roth. In a typical backdoor Roth, ($6,000 limit if you are under 50 years or $7,000 for those over 50 years) there shouldn’t be any tax liability because the money you are contributing has already been taxed. Furthermore, provided you don’t invest the money in the traditional IRA account prior to moving it into the Roth IRA account, there shouldn’t be any tax liability. However, Roth conversions would almost certainly create a tax liability.
Thanks for the info.
Thanks nice information …. however how does the 5 year rule play into the conversion / back door ?
Very informative presentation, thank you.
I think you have a lovely voice, ever consider a career pivot to narrating audiobooks?
We have about 3-More years of debts then we may look at this!
My Wife maxes out her 401K (ROTH + 50+)!
We have some Rental Houses so, can see doing something with the Rents (about $50k a year)!
I like the ROTH idea. A lot of my Wife’s 401K is not ROTH as it was before they had ROTH!
Anyways, would like to hear your thoughts!
I hope to want to be able to get our 401K money earlier!
We have some Rental Houses and are hopeful to just live off those!
We will see!
wow! i never heard about this!!! thanks so much for shedding more light on the roth IRA.
Great video! Keep it up
That was interesting to know about legal loopholes!
Interesting
solid information! Thanks!
I've found this topic very interesting! Thanks for sharing this information!
Love learning new things, thanks for sharing:)
This is a great tool everyone should be using. Thanks for the deets!
I wish I was smart enough to have started my investments when I was 20!
Love this – thanks for sharing 🙂
Great info. I subscribed for more videos like this. Thanks!
Back door IRA sounds like a good fit. Never heard of it. A must check it out. Thanks.
This is good to know!
Never heard of this loophole that’s nuts!!
I LOVE anything related to tax loopholes!
I never knew how to do this – so helpful. I wonder if I can do this in Australia? Thanks for these tips!
I've always wondered how to do this! Thanks so much for revealing this to us!
Nice! I love this information, so valuable! I'm actually about to do this backdoor Roth and you helped me with some insight on things that I can expect, thanks!
I'm all about legal loopholes for investing!