Timothy Sumer

... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Vanguard Backdoor Roth Conversions for Solo 401(k): A Comprehensive Guide For individuals who are self-employed or have their own small businesses, a solo 401(k) plan can be an excellent retirement savings option. It allows you to contribute to both the employee and employer portions, potentially allowing for significant tax savings and higher contribution limits compared to traditional IRAs or SEP IRAs. And when it comes to maximizing the benefits of your solo 401(k), one strategy worth considering is the Vanguard Backdoor Roth Conversion. What is a Backdoor Roth Conversion? Before diving deeper into the specifics, let's understand what a backdoor Roth conversion entails. A backdoor Roth conversion is a strategy employed to convert traditional IRA funds into a Roth IRA, regardless of incom...

... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Backdoor Roth Conversion: Don't Miss Out on the Misunderstood Tax Credit For individuals with high incomes, contributing directly to a Roth IRA may not be an option due to income limitations set by the Internal Revenue Service (IRS). However, there is a little-known loophole called the backdoor Roth conversion that allows high earners to bypass these restrictions and contribute to a Roth IRA indirectly. This strategy has gained popularity in recent years, but many people are missing out on an additional tax credit that comes along with it. Before diving into the details of the tax credit, let's first understand the concept of a backdoor Roth conversion. It involves making non-deductible contributions to a traditional IRA and then converting the funds into a Roth IRA. Since there are no ...

In this video, I answer the question "Let's say if a single person has a $140,000 annual income and contributes the full $18,500 into his/her 401k. Can that person still contribute to a Roth IRA?" The answer to this Roth IRA contribution limit talks about the income limits, contribution limits, Roth conversions, and Backdoor Roth IRA contributions. In the end, it's about figuring out the various ways to boost your retirement savings with Roth IRA contributions. If you have questions about financial planning, wealth management or taxes, leave your question in the comments below. 💸 FOR MORE FINANCIAL PLANNING & ASSET MANAGEMENT 💸 Book a meeting and start financial planning and investing bit.ly/SickleHunterOnline Try out our financial planning tool today. #QandAtuesday #backdoorRoth #RothIRA #401k ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on ...

In this video, I'm explaining the Pro Rata Rule and calculating the taxable portion of a backdoor Roth IRA conversion. Go slow, use a calculator and keep records of your calculations with your taxes. 0:00 Intro 0:15 Pro Rata Rule Formula 2:14 Pro Backdoor Roth Conversion Example 3:14 Pro Rata Formula Example 5:11 Important numbers for Pro Rata Formula 5:48 IRS Form 8606 ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decis...