Can you have an unlimited Roth IRA? That is, can you have unlimited contributions in a year to a Roth IRA? Technically, yes, if you use something called a Backdoor Roth IRA. This is where you rollover funds from a traditional IRA into a Roth IRA, so the limit would be the amount of money already in your traditional IRA. Backdoor Roth IRAs have no fixed annual contribution limits and no income caps. This makes them a great option for those with incomes that they expect to grow into and through retirement (which often is the case for many aggressive investors). A backdoor Roth IRA is a powerful way to potentially save a lot of money on taxes by the time you retire.
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Timestamps
0:00 – Backdoor Roth IRAs
1:10 – Roth IRA Rules
2:24 – Traditional IRA Rules
3:28 – IRA Limits
4:39 – Backdoor Basics
6:07 – When Backdoor Makes Sense
7:38 – Unlimited Roth IRA
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This channel, and any communication stemming from it, while hopefully informative, should not be taken as financial or legal advice. Viewers should retain their own legal counsel or financial expert(s) before making their own decisions. If you need legal advice, please contact an attorney directly. If you need financial advice, please contact a Certified Public Accountant or a Certified Financial Planner or other licensed professional….(read more)
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One of the most tax efficient strategies out there is investing in the like button
Employer match is tough to pass up but being limited to indicies is disappointing. Literally the only way you can beat the market is by timing it. One option after leaving your job is to roll the 401k into an IRA to access individual stocks. REITs are really interesting in an IRA since you don't pay taxes on the dividends until retirement.
As a fellow Real Estate professional, I would love for you and more Real Estate Youtubers be more vocal on the Eviction Moratorium and Landlord Rights. I know its not the popular thing to speak about, but the message needs to be sent. I have been doing everything possible to spread the word but I need more of my fellow Real Estate Youtubers to get involved.
Love the tax focus! It can make a tremendous difference for people. Thanks for sharing Jack!