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Relocating to an Income Tax-Free State: Backdoor Roth IRA Tax Savings


While there are numerous benefits to moving to a no income tax state, there are also dozens of considerations. Today, we’ll discuss the backdoor Roth IRA tax savings from relocating to an income tax-free state. Back-door kind of has some negative connotations. While it can sound shady, it is completely legal when correctly executed, and can be one of the more effective strategies for high-net-worth individuals when saving for retirement. Here’s how it works: you contribute to a traditional IRA, even though you may be phased out of the deduction, then you convert the monies over to a Roth IRA. Since you are living in a state with no income tax, you wouldn’t have to pay taxes on this conversion, leading to bigger tax savings than one that would tax you. Be mindful of when, and how you go about implementing a backdoor Roth IRA, such as: - Will my tax rate be lower or higher in the future? - Will our country’s tax rates be lower or higher? - When do I plan on withdrawing this money after the conversion? - How does this factor into my current tax and retirement plan? These are the traditional considerations for any Roth strategies, conversions or contributions, ones that we always model out for someone. Moving is a large decision: it’s personal, it’s financial, and it’s undeniably complex. Understand that you are not alone if you are unsure as to how to go about this, and in this wealth-building journey, many people would like to have a guide…so schedule a time to chat at the link below.  #Relocation #IncomeTax #StateIncomeTax  Schedule a time to chat with Mike: For more information, please visit us online at Subscribe and listen to our podcast, Your Life Simplified    Apple Podcasts - Spotify - CONNECT WITH US ON SOCIAL    LinkedIn - Facebook - Twitter - Instagram - ===================================================================================    These videos are limited to the dissemination of general information and are not intended to be legal or investment advice. Nothing herein should be relied upon as such. The views expressed are for informational purposes only and do not take into account any individual personal, financial, or tax considerations. There is no guarantee that any claims made will come to pass.    Disclosures: ...(read more)


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