Timothy Sumer

(If you would like to schedule a complimentary, no-obligation meeting with an Altfest professional to discuss your specific investment and / or personal financial planning situation and goals, please contact Jesse Frehling at 212-796-8732 or email him at jfrehling@altfest.com. All meetings are customized and confidential.) In this video Wealth Matters for Physicians’ Mike Prendergast interviews Jessica Nelson, CPA, CFP® and Financial Advisor at Altfest Personal Wealth Management about a potentially very smart tax-saving strategy: Roth IRA conversions. In the video Jessica briefly explains what a Roth IRA conversion is and its benefits, gives examples of some times when Roth conversions could really make sense, and points out some key items that physicians should be aware of before executing a Roth conversion. Lastly, Jessica explains what a Backdoor Roth Conversion is and outlines when it might be (and might not be) a good idea to execute one. Wealth Matters for Physicia

Despite the recent volatility, we still need to save for retirement! Roth accounts can be a great source of tax-free income in retirement when used correctly. Some high-income earners cannot fund Roth IRAs directly, but the Backdoor Roth IRA strategy allows many people to still get money into this account. Roth IRA. What is it? A Roth Individual retirement account (IRA) is an account you fund with money that has already been taxed, and then qualified withdrawals are not taxable. In 2019 and 2020, you can contribute up to $6,000/person as long as you are below the income limits. Depending on your tax filing status, if you make anywhere from $0-203,000, you may not be able to contribute directly into this account. The back door Roth. There are no income restrictions on converting money into a Roth IRA. The back-door strategy involves opening a Traditional IRA, making your contribution into that account, and then converting the money into a Roth IRA. It’s more compli

Step-by-step instructions on how to do a Roth IRA Conversion, aka the Backdoor Roth IRA.... ( 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 Backdoor Roth IRA: How It Works and Why It's Beneficial A Roth IRA is a tax-advantaged retirement account that allows individuals to contribute after-tax dollars and withdraw earnings tax-free in retirement. However, for high-income earners who exceed the income limits for Roth IRA eligibility, the Backdoor Roth IRA can be a solution. What is a Backdoor Roth IRA? A Backdoor Roth IRA is not an actual type of IRA, but rather a strategy used to contribute to a Roth IRA indirectly. It involves making a nondeductible contribution to a traditional IRA and then converting those funds to a Roth IRA. How does it work? The Backdoor Roth IRA process involves three steps: Step 1: Make a nondeductible contributi