Timothy Sumer

Katie Brown follows up on her 2021 retirement account update with a look at Roth IRAs and Roth accounts. In this Coffee with Katie episode, she delves into the tax benefits of Roth accounts but also highlights the income limitations for investors. Katie answers common questions on Roth Conversions and Backdoor Roth IRA contributions as well. Related video: 2021 Retirement Contributions - ... ( 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 Roth IRA Accounts and Roth Conversions: Exploring Tax-Advantaged Retirement Savings retirement planning is an essential part of securing financial independence in one's golden years. Among the various retirement savings options available, Roth IRA accounts and Roth conversions offer distinct advantages for individuals looking to maximize their long-term savings while benefiting from tax advantages. What

The Roth IRA is one of the most important retirement accounts you can have. In this guide, we'll teach you everything you need to know about Roth IRAs, from how to open one to which investments to choose. If you're interested in investing for your future, then you need to learn about Roth IRAs. In this guide, we'll teach you everything you need to know about this important retirement account . We'll cover everything from how to open a Roth IRA to which investments to choose. So be sure to check out this guide to learn everything you need to know about Roth IRAs! -Check out our new course, Index Fund Pro: -Instagram: -TikTOK: ================== FREE GUIDES: Check out the free guide on where to put your money in what order! Here is the free How to Ask for A Raise ebook! ================== USEFUL RESOURCES: The Year-End Money Checklist The 75-Day Money Challenge Finally, Get That Raise Best Personal Finance Books: ==================

This Video talks about a Back-Door Roth IRA. In this video, I explain about a Back-Door Roth IRA. Be sure to subscribe for more Personal Finance Videos Email me at: info@alcsconsulting.com to book a One on One Financial Coaching session with me. Monthly Money Budget Excel Template. One on One Financial Coaching. Buy Alton Shillingford Merchandise at Subscribe to me on YouTube at About me: Hello, my name is Alton and I am a Financial Coach. On this channel, I talk about everything that deals with Personal Finance from Investing, Saving Money, managing your money, getting out of debt, Budgeting, Building Wealth, and Entrepreneurship. Email Address: info@alcsconsulting.com... ( 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 Back-Door Roth IRA Explained in English If you have been researching retirement savings options, you m

"YMYW Gents - Steven again from steaming hot Texas. Thank you for covering my question in today's episode! I have a different perspective to offer which might influence your spitball. In your spitball today, you guys spoke a lot about how the tax I would pay doing a Roth Conversion is equal to the tax I've already paid on the dollars I would use for a Backdoor Roth. I understand that completely, but my motivation for pondering a Backdoor Roth is not about taxes. My motivation for doing a Backdoor Roth is to introduce new dollars into my retirement portfolio to see compounding growth until I reach retirement in 20+ years rather than those dollars sitting in my savings account. I think the notion that a Roth Conversion and a Backdoor Roth are "same same" makes sense from a tax perspective, but not from a long term growth perspective. After doing a Roth Conversion, there would be no increase to my overall retirement portfolio balance like there would be af

The process of doing a Backdoor Roth IRA can be complicated. You also need to be aware of the pro-rata rule if you have a balance in your Traditional IRA. 🤳 Psy on TikTok, Facebook, Instagram 🤳 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨‍🏫 Free Financial Coaching 👩‍🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📧 Email: hello@firepsychat.com 📖 What’s on my display shelf? 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil Fat FIRE Progress (Sep 2022) - How to Become an Ordinary Millionaire - How to Start F.I.R.E - The Ultimate F.I.R.E Guide - How to Invest in an HSA - Become a TSP Millionaire - Financial Independence Calculator - #FIREPsyChat #FinancialIndependence #BackdoorRothIRA 🎵 Music and Sound Effe

In this video we go over how to report a Backdoor Roth IRA contribution on your tax return using the TurboTax software online. We go over the Form 8606 on the tax return to report the nondeductible traditional IRA contribution, then converting the traditional IRA to the Roth produces a Form 1099-R with a code 2 which we then report on the tax return. 800-245-0596 --------------------------- Amount of Roth IRA Contributions That You Can Make for 2022: Amount of Roth IRA Contributions That You Can Make for 2023: /// Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live). #turbotax #rothira #backdoor... ( read more ) LEARN MORE ABOUT: IRA Ac

You Can Watch The Whole Segment & Here 👉🏻 🔴 Get Subscribed to the Integrity Financial Channel 👉🏼 Each week🗓 Brian coaches listeners about the important financial topics of the day. Listen as Brian discusses how to help build a comprehensive retirement plan by gaining a deeper knowledge of retirement today. Let “Retire With Integrity” radio help you prepare your finances for tomorrow! Want to find a station that plays “Retire With Integrity” near you? Click this link for stations and times ► ►DST Brochure Download 👉🏼 ► Visit Us On The Web: 📞 Give Us A Call At: (540) 266-3100 ► Follow Us On Twitter:🦅 ► Like Us On Facebook: 👍🏼 ► Follow Us On Instagram: #theinbox #email #question #financialquestions #annuity #annuityinvestment #fixedrate #bank #contract #financialagreements #retirement #inflation #recessionproof #taxes #recession #401k #taxadvice #stockmarket #401kandbeyond #ira #financialplanning #podcast #videopodcast #radio #show #radioshow #sa

Roth IRA Back Door Strategy This video covers the income limits of a Roth IRA and how it is possible to still invest using a Roth IRA even if you exceed the income limits. #shorts... ( 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 The Roth IRA backdoor strategy is a method for high-income earners to take advantage of the benefits of a Roth Individual retirement account (IRA), even if they exceed the income limits set by the Internal Revenue Service (IRS). By utilizing this strategy, individuals can enjoy tax-free growth and tax-free withdrawals during their retirement years. Before we dive into the strategy, let's first understand what a Roth IRA is. A Roth IRA is a retirement investment account that allows individuals to contribute after-tax dollars. The contributions made to a Roth IRA are not tax-deductible, meaning you don't receive

TAXES amirite? A wise man once said, in this world nothing is certain but death and taxes. Well, I have some exciting news! I plan to use my Roth IRA account to become a tax free millionaire by the time I retire (and so can you)! A Roth IRA is an Individual retirement account where the IRS allows you to contribute up to $6000/per year of after tax money or if you're 50 years old or older, $7000 per year. Pros of a Roth IRA: - It's a personal account, not tied to your workplace, anyone with income can open one - What make's this type of account special is money grows in this account TAX FREE - Traditional 401k and IRA earnings are taxed as personal income when investment earnings are withdrawn which can be as high as 37% per the current tax rates - You can access contributions any time, unlike a traditional 401k or traditional IRA that would penalize your for making withdrawals before 59 1/2 years old Cons: - Any earnings (interest) cannot be withdraw

Shival lays out the backdoor Roth IRA conversion strategy in 3 simple steps. #shorts #personalfinance #rothira #savemoney #taxsaving... ( 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 Investing in a Roth IRA is a great way to save for retirement, but those who earn a high income may not be eligible for a traditional Roth IRA contribution. Fortunately, there is a way around this issue through a backdoor Roth IRA. A backdoor Roth IRA involves converting a traditional IRA to a Roth IRA, which can be done regardless of income level. This method allows you to take advantage of the tax-free growth and withdrawals that a Roth IRA offers. Here are some steps to take when setting up a backdoor Roth IRA: 1. Open a Traditional IRA account – Start by opening a traditional IRA account if you don’t already have one. There are no income limits on contributing

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

What do you do if you over contributed to a traditional IRA? If you made an excess contribution to an IRA, I go over some options that you have. Excess contributions are taxed at 6% per year for each year the excess amounts remain in the IRA. In case this ever happens to you, or someone you know, there are some very good options, including a backdoor Roth IRA conversion. So it’s really not something to worry too much about. Later in the video, I demonstrate how the backdoor Roth IRA conversion is reported on the tax form 8606. 💜 Show Your Support: Fuel Our Channel with a Cup of Coffee! ☕️ 📘 FREE EBOOK FOR ENTREPRENEURS! 📖 Transform Your Accounting - Learn Modernization Concepts in My Book Today! 👪 JOIN OUR FACEBOOK GROUP AND GET YOUR TAX QUESTIONS ANSWERED! 🔔 Subscribe for more videos just like this: Welcome to my Ask An Accountant YouTube Channel! My name is Noel Lorenzana, and I'm an Illinois licensed, Registered CPA. While I am an accountant, I'm

Learn what a mega backdoor Roth-IRA conversion is and how to do it. Self-Directed Roth-IRA @ E*TRADE - Crypto Roth-IRA @ Alto (Use This Link to Get $50 Free in Your New Account) - Why 401ks and IRAs are Bad - Best Structure for Owning Assets - Video Contents 00:00 - Intro 01:48 - What is a Backdoor Roth-IRA Conversion 06:55 - How to Do a Backdoor Roth-IRA Conversion 14:25 - Things to Watch Out For 18:48 - Where to Set up Your Roth-IRA 22:20 - Tax Issues for Backdoor Roth-IRA Conversions The information in this video is for educational purposes only. Nothing in this video is intended to constitute legal or investment advice. We may receive commissions in exchange for products or services recommended.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA A Mega Backdoor Roth-IRA Conversion is a tax strategy used by high-earners to co

Have you ever considered a backdoor Roth IRA? It's a great way to save for retirement without having to worry about high taxes or a big up-front investment. In this video, I'll explain what a backdoor Roth IRA is, how it works, and the advantages and disadvantages of using it. I'll also provide you with tips and strategies for maximizing your savings and growing your retirement nest egg with a backdoor Roth IRA. Finally, I'll show you the process on how to open a backdoor Roth IRA. You can also use the pro rata rule to convert your Traditional IRA into a Roth IRA without paying taxes on the conversion. This technique will allow you to take advantage of the tax-free growth of your Roth IRA account while keeping all your investment options open. So don't miss this chance to unlock the power of a backdoor Roth IRA to grow your wealth! 📲 FOLLOW ME ON SOCIALS: Instagram: I am not a Financial Advisor, my videos are not financial advice. All investment comme