A Backdoor Roth IRA is a method where you make a nondeductible contribution to a Traditional IRA and then do a Roth conversion to a Roth IRA, allowing someone to contribute to a Roth IRA if they are over the income limits. This video will show you how to perform a backdoor Roth IRA step-by-step and guide you through the process with Fidelity Investments. I do this process every year with my own Roth IRA in Fidelity, and in the first part of this video, I explain the backdoor Roth IRA and why you may want to consider doing one and the steps I take at the beginning of every year to contribute to not only my backdoor Roth IRA, but also my HSA. As I perform my contributions once per year and both of these accounts are at Fidelity, this process is incredibly easy and convenient. This was my first video on this channel in 2022, and it was so popular throughout the year that I decided to remake this video with all of your FAQs baked in with some improved video editing to make things much more clear. I hope you enjoy this video and that it's helpful for you if you decide to do your backdoor Roth with Fidelity! -- Money Guy Show Channel (@MoneyGuyShow): -- CONNECT with me: ▶️ SUBSCRIBE to my channel!: 👉 JOIN our membership!: 📷 Instagram: 🎞 TikTok: ✅ Referral Links: Chapters: 00:00 Intro 00:24 My Retirement Strategy 05:14 Backdoor Roth Guide 10:11 Outro -- Disclaimer: I am not a financial advisor, accountant, or lawyer, and as such, I do not provide financial, tax, or legal advice. This video, and any ideas presented in it, are opinions and are provided for entertainment purposes only. Please do your own research and consult your own financial, tax, or legal professional for specific advice. #fidelity #rothira #financialplanning...(read more)
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The Fidelity Backdoor Roth IRA is a great way to maximize your retirement savings. It allows you to contribute to a Roth IRA even if your income is too high to qualify for a traditional Roth IRA. This guide will show you step-by-step how to open and fund a Fidelity Backdoor Roth IRA. Step 1: Open a Traditional IRA The first step is to open a Traditional IRA with Fidelity. You can do this online or by calling a Fidelity representative. When opening the account, make sure to select the option to make after-tax contributions as this will be important later when you convert the funds to a Roth IRA. Step 2: Fund the Traditional IRA Once you have opened your Traditional IRA, you can begin funding it. You can contribute up to $6,000 per year ($7,000 if you are age 50 or older). Make sure that you are making after-tax contributions as this will be important later when you convert the funds to a Roth IRA. Step 3: Convert to a Roth IRA Once you have funded your Traditional IRA, you can then convert the funds to a Roth IRA. You can do this online or by calling a Fidelity representative. When you convert the funds, make sure to select the option to convert after-tax contributions as this will be important later when you withdraw the funds tax-free. Step 4: Withdraw Funds Tax-Free Once you have converted the funds to a Roth IRA, you can begin withdrawing the funds tax-free. You can do this at any time, but you must wait at least five years after the date of your first contribution before you can withdraw the funds penalty-free. The Fidelity Backdoor Roth IRA is a great way to maximize your retirement savings. By following these steps, you can easily open and fund a Fidelity Backdoor Roth IRA and begin enjoying the benefits of tax-free withdrawals. https://inflationprotection.org/how-to-perform-a-fidelity-backdoor-roth-ira-step-by-step-guide/?feed_id=73249&_unique_id=63f805102f1d6 #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorroth #backdoorroth2023 #backdoorrothfidelity #backdoorrothira #backdoorrothira2023 #backdoorrothiraconversion #backdoorrothiraconversionFIDELITY #backdoorrothiraexplained #backdoorrothirafidelity #backdoorrothiraguide #Backdoorrothiratutorial #backdoorrothupdated #fidelitybackdoorrothira #fidelitybackdoorrothirasteps #howtodoabackdoorrothiraonfidelity #RothIRA #rothiraexplained #whatisabackdoorroth #RothIRA #backdoorroth #backdoorroth2023 #backdoorrothfidelity #backdoorrothira #backdoorrothira2023 #backdoorrothiraconversion #backdoorrothiraconversionFIDELITY #backdoorrothiraexplained #backdoorrothirafidelity #backdoorrothiraguide #Backdoorrothiratutorial #backdoorrothupdated #fidelitybackdoorrothira #fidelitybackdoorrothirasteps #howtodoabackdoorrothiraonfidelity #RothIRA #rothiraexplained #whatisabackdoorroth
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