Timothy Sumer

Posts

Showing posts with the label backdoorrothirafidelity

A Comprehensive Handbook on the Backdoor Roth IRA- All You Need to Know

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: ================== ...

Understanding the Back-Door Roth IRA

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...

Important Warning: The Rule You Must Be Mindful of When Utilizing a Backdoor Roth IRA

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 a...

Becoming a Tax-Free Millionaire: My Strategy with a Roth IRA

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...

How to Complete IRS Form 8606 (for a Backdoor Roth IRA)

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...

How to do Backdoor Roth IRA in 2023

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: ◽️◽️◽️◽️◽...

How to Backdoor Roth IRA Step by Step in 2023 | Pro Rata Rule Explained

What is A 'Back Door IRA' ? & How It Can Save You Money

The Back Door IRA is more of a strategy rather than an actual account but these nitty gritty details can save you a major headache when you actually get to retirement. Katie lays out all the details of moving money between Traditional IRAs and Roth IRAs to save you money and a headache. Welcome back to #RichGirlRoundup, Money with Katie's new weekly segment answering all your burning money questions. New episodes every Friday. Each month, Katie will put out a call for questions on her Instagram (@moneywithkatie) and select a few to answer. Listen to Money with Katie here: Read Money with Katie: Follow Money with Katie! Instagram - Twitter - TikTok - Subscribe to Morning Brew Sign up for free today: Follow The Brew! Instagram - Twitter - TikTok - #moneywithkatie #rothira #retirement #personalfinance #retirementplanning What is A 'Back Door IRA' ? & How It Can Save You Money... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT I...

Use Backdoor Roth Conversions to Your Advantage [AVOID the Retirement Tax Bomb]

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...