Skip to main content

I screwed up my backdoor Roth IRA. How do I fix it? YQA 194-4


In this video we're answering the question "I screwed up my backdoor Roth IRA. How do I fix it?" The White Coat Investor wants to help you stop doing dumb things with your money, so in this video series we answer questions you have submitted. To get your questions answered by The White Coat Investor, visit and record your question. Find more resources at ...(read more)



LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Making a mistake with your Roth IRA can be a costly one, but luckily there are ways to fix it. A backdoor Roth IRA is a way to contribute to a Roth IRA even if you make too much money to qualify for a traditional Roth IRA. If you've made a mistake with your backdoor Roth IRA, here are some steps you can take to fix it. The first step is to understand what the mistake was. If you've made a contribution to a traditional IRA instead of a backdoor Roth IRA, you'll need to take steps to correct it. You'll need to contact the financial institution where you made the contribution and ask them to move it to a Roth IRA. The next step is to make sure you don't owe any taxes on the contribution. If you've made a contribution to a traditional IRA instead of a backdoor Roth IRA, you may owe taxes on the contribution. You'll need to contact the IRS and ask them to calculate the taxes you owe on the contribution. The third step is to make sure you don't owe any penalties on the contribution. The IRS may impose a penalty if you've made a contribution to a traditional IRA instead of a backdoor Roth IRA. You'll need to contact the IRS and ask them to calculate the penalty you owe on the contribution. The fourth step is to make sure you don't owe any fees on the contribution. The financial institution where you made the contribution may charge a fee for moving the contribution to a Roth IRA. You'll need to contact the financial institution and ask them to calculate the fee you owe on the contribution. Finally, you'll need to make sure you don't owe any taxes on the earnings from the contribution. You'll need to contact the IRS and ask them to calculate the taxes you owe on the earnings from the contribution. If you've made a mistake with your backdoor Roth IRA, it's important to take the necessary steps to correct it. By understanding what the mistake was and taking the steps to correct it, you can ensure that you don't owe any taxes, penalties, or fees on the contribution. https://inflationprotection.org/i-screwed-up-my-backdoor-roth-ira-how-do-i-fix-it-yqa-194-4/?feed_id=73200&_unique_id=63f7e244047a8 #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #457plans #457b #assetallocation #disabilityinsurance #doctorfinance #doctormortgage #doctorsidegig #dr.JimDahle #estateplanning #highincome #HSA #investing #ira #jimdahle #jimdahlemd #medstudent #MilestonetoMillionaire #millionaire #personalfinance #physicianfinance #physicianinvesting #physicianmortgage #ROTH401k #RothIRA #sidegig #Solo401k #studentloan #taxlossharvesting #WCI #WhiteCoatInvestor #yourquestionsanswered #YQA #SimpleIRA #401k #457plans #457b #assetallocation #disabilityinsurance #doctorfinance #doctormortgage #doctorsidegig #dr.JimDahle #estateplanning #highincome #HSA #investing #ira #jimdahle #jimdahlemd #medstudent #MilestonetoMillionaire #millionaire #personalfinance #physicianfinance #physicianinvesting #physicianmortgage #ROTH401k #RothIRA #sidegig #Solo401k #studentloan #taxlossharvesting #WCI #WhiteCoatInvestor #yourquestionsanswered #YQA

Comments

Popular posts from this blog

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

Birch Gold Group Review 2023 – Best Gold IRA Company? Pros and Cons

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. See chapters in the description. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Chapters: 0:00 - Intro 0:26 - Is Gold a Good Investment? 1:03 - What is Birch Gold Group? 1:37 - IRA Eligible Coins 1:59 - Is Birch Gold Group a Legitimate Company? 2:50 - How Does Birch Gold Group Work? 3:34 - Birch Gold Group’s Fees and Investment Options 4:02 - Birch Gold Group Low Minimum Investment 4:29 - Birch Gold Group Storage and Security 5:34 - Con #1 – No Overseas Storage Options 5:49 - Con #2 – Initial Setup Fees 6:02 - Birch Gold Group Review Summary Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a