Timothy Sumer

... ( 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 A Back-Door Roth IRA is a tax-advantaged investment account that allows individuals to contribute funds to a Roth IRA, even if their income exceeds the limits set by the IRS. This type of account offers several benefits, including tax-free growth and tax-free withdrawals during retirement. To understand how a Back-Door Roth IRA works, it's important to first understand traditional Roth IRAs. A Roth IRA is a retirement account that allows individuals to contribute funds on an after-tax basis. The account grows tax-free, and withdrawals made during retirement are also tax-free. However, there are income limits for contributing to a Roth IRA. For 2021, individuals with a modified adjusted gross income (MAGI) of up to $140,000 can contribute up to the maximum annual limit of $6,000 to a Roth I...