Timothy Sumer

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

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

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, you will learn how pre-retirees in Rockford can use a backdoor Roth IRA. We will also cover what is a backdoor Roth IRA and how do you benefit from one? 🛠 Resources 🛠 💻 How to increase your retirement income & avoid running out of money in retirement by making ONE simple change to your finances: 🗓 Schedule a call: ▶️ Related Video: Is LIRP a good investment? 🔗 Website: I’m going to be going over a few things: What a Roth IRA is What makes a Roth IRA attractive to many people What a backdoor Roth IRA is, and who would benefit from one If there are other tax-exempt assets that might work even better What is a Roth IRA? Many are familiar with a traditional IRA or a 401K, a retirement arrangement with the government where you’re allowed to put money away on a pre-tax basis. Before any taxes, you can trim that money off the top of your income. So let’s say you make $100,000 a year, and you put $6,000 into a traditional IRA or 401K. Instead of r