In this video, John Bowens explains how to make a backdoor Roth IRA contribution and what factors into how much you can contribute and what is taxable. Start a conversation with an IRA Counselor to discover which account may be best for you: A backdoor Roth IRA contribution is an industry term that refers to a contribution to a traditional IRA that you immediately convert over to a Roth IRA. Modified adjusted gross income (MAGI) is adjusted gross income with certain exclusions added. Your MAGI will determine whether you can contribute directly to your Roth IRA or if you will need to make a backdoor contribution. Income restrictions will depend on if you file taxes as single, married filing jointly, or married filing separately. If you are a single filer: - MAGI below $129,000 means you can make a full contribution to your Roth IRA - MAGI between $129,000 and $144,000 means you can make a partial contribution - MAGI above $144,000 means you cannot make a contribution If...
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 :)