Timothy Sumer

Do you want to know how to protect the value of your retirement savings? Get free report at ▶️ This is how to create a backdoor Roth IRA if you are on high income... 1. Put money into a traditional IRA account. If you don't already have one, you'll need to open one and fund it. 2. Convert your contribution to a Roth IRA. You will be guided by the IRA administrator on the necessary paperwork to convert to a Roth IRA. If you don't have a Roth IRA, you'll open one during the conversion. 3. Prepare to pay taxes. Roth IRAs are funded by post-tax dollars. You'll need to pay income tax on the money being converted in that year's tax return. Also you have to give any tax deductions back from your previous traditional IRA contributions. 4. Prepare to pay taxes on the gains in your traditional IRA. You will be required to pay tax on any investment gains on your traditional IRA that you are converting. Do you want to know how to protect the value of your r...

Do you want to know how to protect the value of your retirement savings? Get a free report at ▶️ Understanding Backdoor Roth IRA A backdoor Roth IRA is a means for people who earn above Roth IRA income limits to qualify to contribute to Roth IRAs by meeting certain conditions. The government has set income limits for contributors to Roth IRAs. For 2021, the limit is $208,000 if you file jointly as married and $140,000 if you file as a single. In essence a backdoor Roth IRA enables people whatever their income level to open a Roth IRA. The "backdoor" process involves putting money in a traditional IRA and then converting the funds to a Roth IRA after paying the taxes due. In a Roth IRA your money will grow tax-free until you withdraw at retirement. Do you want to know how to protect the value of your retirement savings? Get a free report at ▶️ ... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CON...