Timothy Sumer

Chances are if you could get one over on the IRS, you would take full advantage. I am all about paying the taxes that I owe, but I don’t want to pay more than I have to, if I can legally pay less - I will. 👮 Today on The Wealth Board™ 👨‍🏫 I am going to share information on the Backdoor Roth IRA. If you don’t know about the Roth IRA, it is one of the best tools for building wealth. It allows you to accumulate tax free money. You can only put a certain amount into a Roth IRA each year. As of 2020 if you are under the age of 50 you can contribute $6,000 (add $1,000 if you are over 50). If you are single and make less than $124,000 (adjusted gross) you can contribute. The IRS starts to phase out on a scale as your income increases. If your income exceeds the limits set by the IRS you can contribute to a Traditional IRA with a pre-tax deduction. If you want to take advantage of the Backdoor Roth IRA, you would invest into a Traditional IRA and then convert this to a R

Want to Open a Roth IRA as an American expat? Then you've come to the right video! As an American expat living abroad, opening a Roth IRA is not so straight forward all the time, but we have you covered. - In this video, we're going to talk about: - How to open a Roth IRA while abroad - What tax rules are associated with Roth IRAs - If you are eligible to open a Roth IRA as an American expat - and so much more! If you want to know more about personal finance as an expat abroad, check out my YouTube playlist below. If you want to find out more about My Expat Taxes and the services that they offer, click the link below: Join my Financial Fluency Master Class - Financial Fluency Master Class - ✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺✺ ✅ Subscribe for more FREE Wealth & Wanderlust Content - . . ✨ KEEP UP WITH ME ⬇️ Blog 👩🏽‍💻 IG 📱 . . FAQ - How can you move abroad? ➡️ - How can I find a job abroad? ➡️ - How can I do a masters abroad? ➡️ - How can I travel for ch

In this video, we’re discussing the Backdoor Roth conversion and how you can use it to your advantage. Roth IRA Explained: ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips The Retirement Tax Bomb refers to the massive IRA/401(k) tax burden that could hit high income earners in their retirement years. They accumulated assets pre-tax for decades to lower their yearly taxable income, and now that their accounts are massive, the taxman cometh. To alleviate this burden, financial planners, CPAs, and tax advisers started talking about using Roth IRAs to lower their taxes in retirement. A Backdoor Roth IRA conversion allows you to convert nondeductible traditional IRA contributions to a Roth IRA, even if you make too much money to do so. Here’s how it works: Open a Traditional IRA and max out your nondeductible contributions to it. ($6k under 50, $7k over 50 for 2022) Then, IMMEDIATELY