You may have heard of a Roth IRA, but you may have been disappointed to learn that they have certain limits, especially when it comes to your income. If you make more than a certain amount the IRS limits how much you can contribute to a Roth IRA. But, believe or not, there are ways around some of these limits. How? Use the back door! If you want to know what that means, watch this video until the end. I'll show you that you can put money into a Roth IRA no matter how much money you make through a method called a "backdoor Roth IRA", also known as a Roth IRA conversion. I'll walk you through the process step by step and answer any questions you might have. Hi, I'm Kim, and to start, let's define a Roth IRA. A Roth IRA is like a traditional individual retirement account , but you put money into it that has already been taxed. This means that you don't get a tax break right away as you do with a traditional IRA. The best thing about a Roth IRA is
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)