What do you do if you over contributed to a traditional IRA? If you made an excess contribution to an IRA, I go over some options that you have. Excess contributions are taxed at 6% per year for each year the excess amounts remain in the IRA. In case this ever happens to you, or someone you know, there are some very good options, including a backdoor Roth IRA conversion. So it’s really not something to worry too much about. Later in the video, I demonstrate how the backdoor Roth IRA conversion is reported on the tax form 8606. 💜 Show Your Support: Fuel Our Channel with a Cup of Coffee! ☕️ 📘 FREE EBOOK FOR ENTREPRENEURS! 📖 Transform Your Accounting - Learn Modernization Concepts in My Book Today! 👪 JOIN OUR FACEBOOK GROUP AND GET YOUR TAX QUESTIONS ANSWERED! 🔔 Subscribe for more videos just like this: Welcome to my Ask An Accountant YouTube Channel! My name is Noel Lorenzana, and I'm an Illinois licensed, Registered CPA. While I am an accountant, I'm
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 :)