If you have a large pre-tax 401 and were laid off, lowering your estimated income for the tax year, thats the ideal time to covert as much as you can afford to.

I’m confused about 01:40, she said single earners earning less than 153K but the chart shows 153K plus for qualifications

@sabareeshsivakumar4346

12 күн бұрын

What she said was to qualify for Roth IRA but what they showed on screen was the income eligibility for backdoor

Ahhhh, the rich media worrying about how to manage their wealth.

Backdoor?

My wife has a ROTH IRA tattoo on her lower back.

@KSWKREW

Ай бұрын

Noice

@Scott-yk5yy

Ай бұрын

BOOM

@edhooper1421

Ай бұрын

You mean hubs?

Is the back door IRA banned now?

@alrocky

Ай бұрын

No not banned, back door Roth IRA is still available. Caveat for pro rata rule if you have existing traditional IRA balance.

@crazycool2863

Ай бұрын

@@alrocky thank you. I read it somewhere that Biden’s new tax law is to ban back door ROTH, and also ban 1031 exchange to get more tax revenue..

Great less worry about the one percent. How about the struggling rest of us.

@yestyleryes

23 күн бұрын

then just contribute to your roth ira as normal since you fall under the income limit

@sabareeshsivakumar4346

12 күн бұрын

1) 401k/403b at least contribute just enough to get employer match. 2) Roth IRA 3) High yield savings account. Let me know if you are looking for referrals.

I am poor enough to not need to go this route 🥲