In this video, I walk you through the Vanguard backdoor Roth IRA contribution process for tax year 2022. This is a great way to save money on your taxes and grow your retirement savings. The contribution process can be a little confusing, but I break it down step-by-step in this video so that you can make the most of it.
Timecodes:
0:00 – Intro
1:28 – Backdoor Roth IRA 101
3:33 – Step by Step Walkthrough
8:02 – Most Common Backdoor Roth IRA Errors To Avoid
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
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Any thoughts on married filing separate?
If you’ve seen it, the income limit for contributing is quite ridiculous, and I’ve been told the back door method does not work for this. Is this true?
When we converting between Roth and traditional any open positions are sold off and the money is placed in the destination account as money market funds. If the market is below our cost basis on those positions when we convert we're taking a loss, and since it's not a taxable account, a loss that we cannot tax loss harvest. Am I correct in my understanding?
Ty for this video! After fully funding the Roth IRA using Backdoor method, would you recommend then funding the traditional Ira even though it would be non deductible? If so, how does that effect the following years Backdoor contribution?
Can people still do backdoor ROTH IRA in 2022? Is there a bill in Congress to end it in 2022?
Great video! The info was priceless, thank you. My scenario is as follows: I have a vanguard Roth IRA. I have yet to make any contributions for 2022, and I plan too. However, my wife and I file jointly and we are under the salary cap of $214,000 which is fine. Can I still do a Roth conversation even if I’ve already funded the $6,000 for 2022? And if so, what do you recommend, lump sum, monthly contributions. Or is there a limit?
Thank you!
I am married and we already have a Roth IRA established with Vanguard. If I end up getting raises overtime with work and end up making over that amount, am I no longer allowed to contribute monthly and just have to sit with whatever the account balance is? In addition to the small Roth IRA account with Vanguard I also have a typical 401(k)/Roth 401(k) with my employer. Your help in this is greatly appreciated.