What is a backdoor Roth IRA and how does it help high earners save for retirement?
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- Опубліковано 5 тра 2024
- Saving for retirement is a big concern for many Americans, even those who are considered high-earners. But sometimes, if your income is considered too high, you might miss out on some great savings options. That's where something called a backdoor Roth IRA comes in. CBS News business analyst Jill Schlesinger has more.
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If you have a large pre-tax 401 and were laid off, lowering your estimated income for the tax year, thats the ideal time to covert as much as you can afford to.
Ideal time is when conversion keeps you in 12% Federal Tax Bracket (under $47k for Single and under $93k MFJ). Do you have money outside of the traditional 401(k) to pay for the conversion tax?
Ahhhh, the rich media worrying about how to manage their wealth.
I’m confused about 01:40, she said single earners earning less than 153K but the chart shows 153K plus for qualifications
What she said was to qualify for Roth IRA but what they showed on screen was the income eligibility for backdoor
@@sabareeshsivakumar4346 Info on screen was for 2023 but she speaks about 2024 Roth income limits
Is the back door IRA banned now?
No not banned, back door Roth IRA is still available. Caveat for pro rata rule if you have existing traditional IRA balance.
@@alrocky thank you. I read it somewhere that Biden’s new tax law is to ban back door ROTH, and also ban 1031 exchange to get more tax revenue..
Backdoor?
My wife has a ROTH IRA tattoo on her lower back.
Noice
BOOM
You mean hubs?
Great less worry about the one percent. How about the struggling rest of us.
then just contribute to your roth ira as normal since you fall under the income limit
1) 401k/403b at least contribute just enough to get employer match. 2) Roth IRA 3) High yield savings account. Let me know if you are looking for referrals.
I don't have a cent at all costs okay