{Replay} How to Complete a Backdoor Roth Without Costly Mistakes
{Replay} High income doesn’t always mean you have to skip a Roth contribution. This episode of The Wealth Cafe explains how a backdoor Roth works, including the required two-step process: contributing to a traditional IRA and moving the funds into a Roth IRA.
The discussion covers important rules and potential pitfalls, including existing rollover, SEP, SIMPLE, and other traditional IRA accounts; contribution limits; recordkeeping; tax-year deadlines; completing the conversion; and investing the funds afterward. A backdoor Roth can be useful in the right situation, but determining whether it…
The skinny
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