Backdoor Roth IRA Strategy | Staying or Going Away?
The Backdoor method is a clever trick to save high earners thousands of dollars in taxes. This video explains the steps to carry it out as well as the current situation in 2022 w.r.t the Build Back Better legislation. Enjoy!
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If you are above a certain income limit, you cannot contribute to a regular Roth IRA. The backdoor loophole allows you to bypass these limits by contributing to a Traditional IRA first and then converting to a Roth.
The situation in 2022 is a little more complex. The Build Back Better bill proposes to eliminate both the back door as well as mega back door hacks. The video explains all the various situations that can come out of this as well as my personal strategy.
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ABOUT ME:
I want to share stories and lessons learned while first moving to America, planning my journey to financial literacy, and adopting best practices into my life. As an international, it was difficult to find relevant resources to understand the aspects of life that were different in a new country. This channel is a comfortable space to have those discussions and help each other out!
DISCLAIMER:
1. The advice provided in this video is for informational/entertainment purposes only. The creators take no responsibility for any actions or decisions you may take based on the contents of the video. Please consult a professional for strategies related to your specific needs.
2. All the numbers/information are presented as of the video filming date and may change by the time viewers end up watching the video.
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Watch video Backdoor Roth IRA Strategy | Staying or Going Away? online without registration, duration hours minute second in high quality. This video was added by user Finance with Arjun 16 January 2022, don't forget to share it with your friends and acquaintances, it has been viewed on our site 2,428 once and liked it 60 people.