Timothy Sumer

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

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

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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