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- A backdoor Roth conversion is a strategy used by high-income earners to contribute to a Roth IRA despite income limits12. Here's how it works:
- Contribute to a traditional IRA (which has no income limits).
- Immediately convert the account to a Roth IRA.
- This allows you to benefit from the tax advantages of a Roth IRA.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A backdoor Roth IRA is a conversion that allows high earners to open a Roth IRA despite IRS-imposed income limits. Basically, you put money you’ve already paid taxes on in a traditional IRA, then convert your contributed money into a Roth IRA, and you’re done.www.nerdwallet.com/article/investing/backdoor-rot…"Backdoor Roth IRA" is simply a term to describe a strategy used by high-income earners who can't contribute to a Roth IRA because their income is above certain limits. Rather than contribute directly to a Roth, you contribute to a traditional IRA, and then convert it to a Roth.investor.vanguard.com/investor-resources-educatio… - People also ask
Backdoor Roth IRA: Advantages and Tax Implications Explained
A backdoor Roth IRA is a strategy rather than an official type of individual retirement account. It is a technique used by high-income earners—who exceed Roth IRA income limits—to convert their traditional IRA to a Roth IRA. The backdoor Roth IRA strategy is not a tax dodge. When you … See more
A Roth IRA allows taxpayers to set aside a few thousand dollars from their annual earnings in a retirement savings account. The contributed … 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 traditional IRA money into a Roth—as much as you want at one time, even if it’s more than … 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. For one, Roth IRAs don’t have required minimum distributions (RMDs), which … 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 contribute $6,000 to a traditional IRA, claim a deduction for the $6,000 on your tax return, and then … See more
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