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Are you currently or thinking about completing a Backdoor Roth IRA Conversion? In theory, it's a simple and effective financial transaction. However, there are 3 important tips you need to be aware of. Reporting on tax form 8606 Aggregation Rules Steps Transaction Doctrine ...(read more) LEARN...
How to report a non-deductible contribution to Turbo Tax. I noticed a lot of folks were having the same problem I did. If Turbo Tax doesn't prompt you to give this information the first time around you have to go back and find it yourself. Here's how I solved the problem and I hope it helps...
In this video, I'm going to go over how to fill out IRS Form 8606 for a backdoor Roth IRA. You'll need to fill out this form if you performed a backdoor Roth IRA in the previous tax year. The Roth IRA is one of the best accounts to save for retirement because of its tax advantages. When you...
How are taxes paid on a $12,000 backdoor Roth Conversion? ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: ----------------------------------------------------- Are you ready for...
In this video, I'm explaining the Pro Rata Rule and calculating the taxable portion of a backdoor Roth IRA conversion. Go slow, use a calculator and keep records of your calculations with your taxes. 0:00 Intro 0:15 Pro Rata Rule Formula 2:14 Pro Backdoor Roth Conversion Example 3:14 Pro Rata...
