A Roth IRA allows taxpayers to set aside a few thousand dollars from their annual earnings in a retirement savings account. The contributed money is after-tax dollars—m… See more

You can create a backdoor Roth IRAin one of three ways: 1. Contribute money to an existing traditional IRA and then roll overthe funds to a Roth IRA. Or you can roll over existing tra… See more

Remember that in an IRA transfer or conversion to a Roth IRA, you still need to pay taxes on any money in your traditional IRA that hasn’t been taxed. For example, if you contrib… See more

Aside from getting around the limits, why would taxpayers want to take the extra steps involved in doing the backdoor Roth IRA dance? There are several good reasons. F… See more

If you’re thinking of using the backdoor Roth IRA strategy, crunch the numbers and consider the tax implications, especially if you are converting the entire balance of a traditional I… See more