Timothy Sumer

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: ◽️◽️◽️◽️◽️◽️ 🤍 More income opportunities: Chase $200: Chase Credit Card $800: Sofi $275: Moomoo free stock: M1 Finance $10: ◽️◽️◽️◽️◽️◽️ 🫶 Let’s hangout more: In

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In this video, I'm explaining the Pro Rata Rule and calculating the taxable portion of a backdoor Roth IRA conversion. Go slow, use a calculator and keep records of your calculations with your taxes. 0:00 Intro 0:15 Pro Rata Rule Formula 2:14 Pro Backdoor Roth Conversion Example 3:14 Pro Rata Formula Example 5:11 Important numbers for Pro Rata Formula 5:48 IRS Form 8606 ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decis

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 - ⏰ Table of Contents ⏰ 0:00 Backdoor Roth IRA Explained 7:44 Pro Rata Rule Ex

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

This step-by-step guide will teach you how to do the back door ROTH IRA for 2023. ROTH IRA explained for beginners 2023. ROTH IRA vs. Back Door ROTH IRA. Invest in a ROTH IRA with the S&P 500ETF VOO, VTI, SCHD or more. #rothira #etfinvesting #voo Join the Patreon Group for EXCLUSIVE content: Live stock purchases, exclusive portfolio videos, live Q&A for members only, and a very strong investing community to network with so we can all reach FINANCIAL FREEDOM FASTER! Other Videos You'll Enjoy! 💰If I Started Investing Today (From $0), THIS IS WHAT I'D DO: 💰 Best Order to Invest Your Money in 2023: 💰3 ETFS THAT MAKE YOU RIDICULOUSLY RICH: 💰SCHD - BEST DIVIDEND ETF: 💰 SAVE MORE MONEY (better than a budget): 💰 My Entire $400,000 Investment Portfolio: 💰 USE THE 2023 RECESSION TO GET VERY RICH: 🚨💰 to get $10 FREE in Bitcoin use this link to sign up today: 🚨💰Join Robinhood with this link & we'll both get a free stock like Apple or T

In this video I'm talking about the Mega Backdoor Roth IRA for 2021 and going beyond with additional Roth IRA savings. You may be able to really get a ton more into your Roth IRA than you thought possible. The maximum contribution to a retirement plan maxes out at $19,500 but you could get up to $58,000 using this strategy but that's only part of it. The self employed or small business owner may have a better chance of using this mega backdoor Roth IRA strategy with a solo 401k but you may be able to do with your retirement plan at work. The first type of strategy is using an in-plan-conversion where you go from the traditional side of the 401k or other retirement plan to the Roth 401k side. The in-plan-conversion would count all the pre-tax and growth associated with the plan as a taxable event. However, if you use a non-deductible contribution and a plan distribution or rollover you may be able to avoid taxes while still getting the money into the Roth IRA. T

Will the “Build Back Better” Plan Eliminate Roth IRAs - Mega Backdoor Roth IRAs for Good? SUBSCRIBE to NOT being a transaction ever again... Like us on Facebook! Follow us on Twitter! The recent version of the Build Back Better Act has brought back retirement law changes that will curb high balance accounts and popular wealth building strategies including backdoor Roth IRAs and after-tax 401(k) contributions. The goal: Tax the wealthiest taxpayers to help pay for the new Social and Climate bill that is currently being debated in Congress. History of Roth: A Roth IRA can be a great way to save for retirement since the accounts have no required minimum distributions and you withdraw the money tax-free. The Roth IRA was introduced as part of the Taxpayer Relief Act of 1997. Is named for Senator William Roth, the author/founder Here’s some of the fine print: Backdoor Roth IRA’s Backdoor Roth IRA’s – These are where someone makes too much to contribute to a Roth IRA, and t

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

Learn how to use the Mega Backdoor Roth IRA to super charge your retirement savings. In this video, we provide a step by guide on this 100% legal tax loophole. This strategy employs your 401k, an in service withdrawal and nondeductible IRA conversion to get money into your Roth IRA. Learn more here! #backdoorroth #megaroth #megarothira... ( 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 https://inflationprotection.org/mega-backdoor-roth-ira-5-easy-steps/?feed_id=55189&_unique_id=63aee9c17e1b2 #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorIRA #backdoorroth #backdoorrothira #backdoorrothira2022 #backdoorrothiraconversion #backdoorrothiraexplained #backdoorrothirasteps #Inservicewithdrawal #MegaBackdoorRoth #megabackdoorroth2022 #megabackdoorrothira #megabackdoorrothira2022 #nondeductibleira #Nondeductibleiraconversion #ret

What is a backdoor Roth, and is it good for you? This video explains what a Roth individual retirement account (Roth IRA) is, and what the backdoor Roth entails. A backdoor Roth can be an effective retirement planning vehicle, depending on your financial situation and retirement goals. Watch now. ▬▬▬▬▬▬▬▬▬▬▬▬ஜ۩۞۩ஜ▬▬▬▬▬▬▬▬▬▬▬▬▬ ▓▓▓▓▓▒▒▒░░░ AWESOME TO HAVE YOU! ░░░▒▒▒▓▓▓▓▓ ▬▬▬▬▬▬▬▬▬▬▬▬ஜ۩۞۩ஜ▬▬▬▬▬▬▬▬▬▬▬▬▬ THANKS FOR THE VISIT. MAKE YOURSELF COMFORTABLE. ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 💎WANT TO RAISE YOUR IQ? Subscribe. ✨HAVE AN IDEA? Comment below. 🟢LOVE THE VIDEO? Like and share it. 📞WANT TO TALK? Email us. ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ WANT TO LEARN MORE? VISIT US. 👇👇👇 🔗FACEBOOK - 🔗INSTAGRAM - 🔗YOUTUBE - 🔗PINTEREST - 🔗TWITTER - ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ COPYRIGHT-FREE MATERIAL😉😉😉 STOCK IMAGES: DREAMSTIME, iSTOCK and GETTY IMAGES MUSIC: MERENGUE DE LIMON | YOUTUBE AUDIO LIBRARY #Retirement#RetirementPlanning#PersonalFinance... ( read more ) LEA

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

Find out how a backdoor Roth IRA can save you thousands in taxes by using a simple technique to convert your traditional 401k contributions into after-tax Roth IRA contributions. 🔥 Stop Leaking Money to the IRS: 🧾 🔥 Take your personal finances to the next level: Https://www.Vincerewealth.com 💰 Learn more about your money: BOOKS I RECOMMEND: 📚 The Intelligent Investor: 📚 Your Score: 📚 What works on Wall Street: 📚 I will teach you to be rich: 📚 The Millionaire Next Door: 📚 Rich Dad, Poor Dad: Follow me on Social: Let’s Connect! Instagram: @joshbennett_cfp + @moneymastersu Website: Josh’s Affiliated Wealth Management Websites: Https://Vincerewealth.com Description: What is a backdoor Roth IRA? A backdoor Roth IRA is a way to get around the income limits for contributing to a Roth IRA. Normally, you can only contribute to a Roth IRA if your modified adjusted gross income (MAGI) is below a certain amount. If your MAGI is above that amount, you are n

I have the perfect example of when you should use the Backdoor Roth IRA, coming up. Have a question for the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at Be sure to stay up to date by following us! Facebook - ​ Twitter - ​ Instagram - Want more Wise Money™? Read our blog! ​ Listen on Podcast: ​ Subscribe on YouTube: This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver

Learn how to how to unlock the Mega backdoor Roth IRA. This will explain how much money your can transfer from your after tax 401k into the backdoor Roth ira. The video will also explained how the nondeductible ira works and why it is important for the Mega backdoor ROTH IRA conversion. #ROTHIRA #BackdoorRothIRA #retirement savings... ( 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 https://inflationprotection.org/how-to-unlock-the-mega-backdoor-roth-ira-backdoorrothira/?feed_id=43170&_unique_id=6380b3eea8ce3 #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorrothira #backdoorrothiraconversion #backdoorrothiraexplained #backdoorrothira #budgeting #Finance #FinancialIndependenceRetireEarly #FinancialPlanning #investing #ira #MegaBackdoorRoth #megabackdoorrothira #megabackdoorrothiraconversion #megabackdoorrothiraexplained #pers

Visit our website: VIDEO TRANSCRIPT: For Americans, the Roth IRA is one of, if not the absolute best account you can save your money in. Most people know about the Roth IRA and its tax-free growth benefit if used correctly. But many people don’t think they are able to contribute to a Roth IRA because they earn more than the allowable income limits. In 2020, if you are single and make more than $124K a year, you are restricted on Roth IRA contributions. And for those married filing jointly, the limit on your joint income before restrictions begin is $196K. If you, or you and your spouse make more than this and would like to take advantage of the Roth IRA in your retirement planning …. You still can. There are many ways for high earners to still get money into a Roth IRA. Here are two that you may not know about…. The first one is the back-door Roth IRA strategy and it has been around for many years now. It is a completely legal way for high earners to fund a Roth IRA