Chances are if you could get one over on the IRS, you would take full advantage. I am all about paying the taxes that I owe, but I don’t want to pay more than I have to, if I can legally pay less - I will. 👮 Today on The Wealth Board™ 👨🏫 I am going to share information on the Backdoor Roth IRA. If you don’t know about the Roth IRA, it is one of the best tools for building wealth. It allows you to accumulate tax free money. You can only put a certain amount into a Roth IRA each year. As of 2020 if you are under the age of 50 you can contribute $6,000 (add $1,000 if you are over 50). If you are single and make less than $124,000 (adjusted gross) you can contribute. The IRS starts to phase out on a scale as your income increases. If your income exceeds the limits set by the IRS you can contribute to a Traditional IRA with a pre-tax deduction. If you want to take advantage of the Backdoor Roth IRA, you would invest into a Traditional IRA and then convert this to a R
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)