Did you know that many people are currently unable to put their money into a Roth IRA?

🔐 People who can contribute directly to Roth IRAs are restricted by income limitations.

💸 If you exceed $144K a year the government prevents you from putting your money into a Roth IRA.

💥 But I want to tell you that it has a strategy: a backdoor Roth IRA.

👉️ What is it?

It’s simple, you just set up two accounts: Traditional IRA and Roth IRA.

🔁 What you do is put your money into your traditional IRA. For example, you put in $6,000 and then roll it into your Roth IRA. This process is called conversion

🤑 The tax-free growth that a Roth IRA offers through the back door is its main advantage.

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

A Roth IRA Backdoor is an investment strategy that allows individuals to make contributions to a Roth IRA even if their income exceeds the eligibility limits set by the IRS. This strategy is popular among high-income earners who are looking to take advantage of the tax-free growth benefits of a Roth IRA.

The Roth IRA Backdoor strategy is relatively simple. It involves making a non-deductible contribution to a traditional IRA and then immediately converting the funds to a Roth IRA. The conversion is done without paying any taxes on the contribution, which allows the individual to take advantage of the tax-free growth benefits of a Roth IRA.

The key to making this strategy work is to ensure that the individual does not have any other pre-tax IRA funds in their account. If the individual does have pre-tax IRA funds in their account, the IRS could consider the conversion to be a taxable event and the individual would be liable for paying taxes on the conversion.

In order to avoid this, the individual must make sure that they do not have any pre-tax IRA funds in their account before they make the conversion. This can be done by either rolling over the funds to a different account or withdrawing them completely.

The Roth IRA Backdoor strategy is a great way for high-income earners to take advantage of the tax-free growth benefits of a Roth IRA. It is important to note, however, that this strategy is only available to individuals who do not have any pre-tax IRA funds in their account. Additionally, individuals should consult with a financial advisor before making any decisions regarding their retirement savings.