Timothy Sumer

How to report a non-deductible contribution to Turbo Tax. I noticed a lot of folks were having the same problem I did. If Turbo Tax doesn't prompt you to give this information the first time around you have to go back and find it yourself. Here's how I solved the problem and I hope it helps you!... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Individual Retirement Accounts (IRAs) offer a great way to save for retirement while enjoying tax benefits. IRAs come in two types: deductible and non-deductible. While a deductible IRA contribution can reduce your taxable income, a non-deductible IRA contribution cannot. If you have made a non-deductible IRA contribution, you will need to report it on your tax return. The good news is that TurboTax, the popular tax preparation software, makes it easy to report non-deductible IRA contributions.

Can't contribute directly to your Roth IRA? No problem! This video and article explains step-by-step how the Backdoor Roth IRA conversion strategy works . . . and when you would want to use this financial planning trick. Read our comprehensive article : CHAPTERS 0:22 : Is your income too high? 1:24 : What are your account options? 2:34 : The steps for a backdoor Roth IRA We are Financial Design Studio: Michelle, Steve, Rob, and Trevore… a team of financial advisors with a passion to help others design a path towards financial success–whatever that looks like for your life. Part of our job is to teach people about finances so that they can make educated choices with their money. If you want practical knowledge about how to work with the complex processes of taxes, insurance, planning, retirement, or investments, then subscribe! … because this channel is for you! READ HERE : WEBSITE : BLOG : FACEBOOK : Disclaimer : All written content on this site is f