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The Backdoor Roth IRA and Three Mistakes to Avoid

“I want to invest in a Roth IRA, but I make too much money..." False! If you have heard that line before, let me introduce you to the Backdoor Roth IRA. You CAN still get money into your Roth IRA, but you need to add one extra step. We also share three common mistakes we see with Backdoor Roth IRAs. Looking for more Roth IRA strategies? Key Insights 💡 - 💡 The backdoor Roth IRA is a popular strategy for high-income professionals to contribute to a Roth IRA despite income limitations. - 💡 The pro-rata rule is an important consideration when doing a backdoor Roth IRA, as having balances in other IRAs can affect the tax consequences. - 💡 Completing form 8606 is crucial to properly track and report backdoor Roth IRA contributions and conversions. - 💡 It is advisable to avoid having cash in a Roth IRA and instead invest the funds for long-term growth. - 💡 Bonds are generally not ideal for a Roth IRA, as the account's long-term nature is better suited for higher-risk investments. - 💡 Annuities should be avoided in a Roth IRA due to their fees and surrender penalties, which can erode the tax advantages of the account. - 💡 The Roth IRA offers unique benefits, such as tax-free growth and tax-free withdrawals, making it a valuable tool for retirement savings. Highlights 🕒 00:00 🕒 Introduction 01:18 🕒 What is the Backdoor Roth IRA & how does it work? 04:08 🕒 Mistake 1: Pro-Rata Rule 06:23 🕒 Mistake 2: Form 8606 08:27 🕒 Mistake 3: Try to avoid these three things inside of your Roth -------------------------- Please share any topics or questions you would like to see featured in our videos in the future! Drop us a line in the comments 🙏 👉 Follow us on socials, join our weekly newsletter, get our free eBook, and more: https://go.wealthkeel.com/m/WK Music from Intro Video: Sunburst by Tobu & Itro - http://bit.ly/2p6JaWw Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.