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This video covers the following subjects:
– What is a Backdoor Roth IRA
– How does Backdoor Roth IRA work?
– Roth IRA
– IRA
– 401k
– Retirement
– Taxes
– LPL
– Edward Jones Advisor
A “backdoor Roth IRA” is a type of conversion that allows people with high incomes to fund a Roth despite IRS income limits. Basically, you put the money you’ve already paid taxes on in a traditional IRA, then convert your contributed funds into a Roth IRA and you’re done.
A backdoor Roth IRA isn’t a special type of individual retirement account. Instead, a backdoor Roth IRA is a strategy that helps you save retirement funds in a Roth IRA even though your annual income would otherwise disqualify you from accessing this type of individual retirement account.
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So if these are long term ETFs, would you recommend getting them in a Roth IRA account?