Timothy Sumer

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...