The Backdoor Roth IRA Hack!
The absolute best way to build tax free wealth is through using a Roth IRA to make investments. Many high income earning individuals are discouraged because of the phase out limits. So in this video we explore a few ways you can get inside one of these tax saving machines!
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DISCLAIMER: I am not a financial adviser but fortunately I am a CPA :). These videos are for educational and entertainment purposes only and should not be taken as “individualized” tax advice. Should you need tax solutions I highly recommend consulting with a professional or our CPA Firm. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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REVEALED: Best Gold Backed IRA
@ 3:18 Your employer sponsored plan has nothing to do with opening a traditional IRA or Roth IRA. There is no reason to contact your 401(k) plan administrator regarding any IRA.
Question: I day trade and trade options in a TRADITIONAL IRA. Don’t need the money right away. If I think I will make more in trading gains than the current account balance, should I convert the account to a ROTH IRA? So all future gains will be tax free unlike the entire traditional IRA balance and be subject to ordinary income?
As a work-around the pro rata rule, 2 questions: 1) I don’t have a 401k plan, I have a 457 plan. Does that work with a 457 plan? 2) I have a large amount in a Rollover IRA. Could I avoid paying all those taxes if I opened a new IRA account, for the sole purpose of converting the just-opened one to another Roth IRA? In other words, will the IRS only tax the new IRA or will they take into account the old IRA? Great content! Thank you. I will subscribe!
Great content. Great professional presentation. Thank you. I will absolutely use your services in 2022.
Can TSP do the same?
Annoying music
My income is higher than the limit for Roth IRA. What if I don't have any existing traditional pre-tax IRA and only have 401K (pre-tax) sponsored by my employer. Can I just open a post-tax traditional IRA and a Roth IRA, and then transfer my post-tax money from my bank account to my post-tax IRA account and quickly "convert" that to Roth IRA account. I understand the 6K (under 50) and 7K (over 50) yearly contribution limit. To my understanding this is a Backdoor Roth IRA process.
Let’s get it!!!
HUGE benefit, take advantage guys!