Who Can Do A Backdoor Roth IRA

If you're a high-income earner or maxed out your 401(k), Roth IRAs take an extra step to get into. Watch the complete video on the Backdoor Roth IRA on my YouTube channel at the link below!

#RothIRA #FinancialFreedom #Roth #Noincomelimit #BackdoorRoth #IRA #Invest #DirectedIRA #MatSorensen #Retirement

[camelaMar]

Learning I made too much to contribute directly to a Roth IRA. I felt stuck until I heard about the "backdoor Roth" strategy. But man, the paperwork and tax forms made my head spin. Almost botched the conversion because I didn’t realize about the pro-rata rule with existing traditional IRAs.

[kevinshiflett]

You can definitely max out both your 401K and contribute to a Roth IRA. Having a maxed out 401K does not make you ineligible for an IRA

[jenniferbmendezful]

Roth conversions don’t count as part of MAGI to determine Roth income contribution limit.

[Random_UserName]

Backdoor IRAs are for your birthday! 🥳

[babban]

Last year 2023, I deposited $6.5k in my traditional IRA and converted backdoor into RothIRA, however after conversion I came to know the traditional IRA earned 1c in the account. Right now my Traditional IRA has 1c balance.
My question is: For the current year should I transfer $6999.99 to Traditional IRA and move the total balance ($6999.99 + .01 = $7k ) to RothIRA or I should keep that 1 cent untouched in Traditional IRA and fund additional $7k in Traditional IRA and then covert $7k it to Roth.
Will I have any penalty situation here either way?

[sonjasssggg]

What are the rules on ROTH IRA contributions for people that max out 401K but make less than the max for high income earners? Can you still contribute to a ROTH IRA if you contribute $100 less than the 401K max contribution?

[pratapanurag]

Hey! Youtube recommended me this video on my feed and its really good!😊

Btw I could help you edit your videos and also make highly engaging shorts out of them.

[Bumeism]

Your information about ppl maxing out company 401k being ineligible for a Roth IRA is 100% incorrect. What are you talking about?

[lchamp]

You should take down this video. You’re wrong about the backdoor Roth IRA rollover restrictions.