Timothy Sumer

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...

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...

In this video, I'm going to go over how to fill out IRS Form 8606 for a backdoor Roth IRA. You'll need to fill out this form if you performed a backdoor Roth IRA in the previous tax year. The Roth IRA is one of the best accounts to save for retirement because of its tax advantages. When you contribute money to a Roth IRA, you do so in an after-tax fashion, meaning that you are contributing dollars that you’ve already paid taxes on. And then, when you invest this money, this money can grow tax-free and withdrawals are tax-free as well. Of course, there are limits placed on this account because of its unique advantages, and there are two important limits to keep track of every single year, and these two limits are the Roth IRA contribution limit and the Roth IRA income limit. The backdoor Roth IRA is a method to contribute to your Roth IRA regardless of your income limit. We'll fill out IRS Form 8606 assuming that we've contributed and Roth converted a maxi...

In this video, I am going to teach you a tax loophole that all the rich ppl have been using - Backdoor Roth IRA. Specifically, I'll be showing you how to set up your own Backdoor Roth IRA in 2023, and the things to watch out for before doing it. If you're interested how the wealthy maximize their returns and pay $0 in taxes, be sure to watch this video! Are you a Freedom Seeker ready to retire early? ➡️ Get in Early Retirement Academy here: The Early Retirement Academy is my signature coaching program that shows you how to create your own Passive Income Ecosystem to retire from any and all BS - because freedom is your birthright! ◽️◽️◽️◽️◽️◽️ 🤍 RESOURCES I CREATED FOR YOU! Free Early Retirement Training: $2000+ Passive Income Opportunities Via Churning: Early Retirement Advantage Podcast: ◽️◽️◽️◽️◽...

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A Backdoor Roth IRA is a method where you make a nondeductible contribution to a Traditional IRA and then do a Roth conversion to a Roth IRA, allowing someone to contribute to a Roth IRA if they are over the income limits. This video will show you how to perform a backdoor Roth IRA step-by-step and guide you through the process with Fidelity Investments. I do this process every year with my own Roth IRA in Fidelity, and in the first part of this video, I explain the backdoor Roth IRA and why you may want to consider doing one and the steps I take at the beginning of every year to contribute to not only my backdoor Roth IRA, but also my HSA. As I perform my contributions once per year and both of these accounts are at Fidelity, this process is incredibly easy and convenient. This was my first video on this channel in 2022, and it was so popular throughout the year that I decided to remake this video with all of your FAQs baked in with some improved video editing to make ...

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 f...