Hi there, @ilibertywomanchildofGod! We actually have a video that discusses both the backdoor roth and mega backdoor roth here: ruclips.net/video/2-9K2evJjKU/видео.html
Hi, I have a question about Roth conversions. If you are in a period of no income for several years and begin to do annual Roth conversions, are you able to take the standard deduction for married filing jointly on the converted amount?
Is it still true in 2024 that your Roth Contribution cannot exceed your AGI? As a divorced person who receives post tax maintenance as a primary income source (it is not reported as taxable income on my taxes), this limitation makes Roth contributions very limited.
Yes, you can have an IRA, but if you’re income limits are too high the IRA contribution isn’t deductible.. Making non-deductible IRA contributions can lead to a messy situation requiring additional tracking of pre-tax and after-tax values and filing form 8606 with your tax return. You should check out our upcoming video on Mega Back Door Roth IRAs for a possible alternative consideration.
Yes. Please talk more on the Backdoor Roth Conversion. Thank you.
Hi there, @ilibertywomanchildofGod! We actually have a video that discusses both the backdoor roth and mega backdoor roth here: ruclips.net/video/2-9K2evJjKU/видео.html
@@OakHarvestFinancialGroup Thank you
Hi, I have a question about Roth conversions. If you are in a period of no income for several years and begin to do annual Roth conversions, are you able to take the standard deduction for married filing jointly on the converted amount?
Is there an age that the 5 year rule does not apply. Assuming Roth account is over 5 years old?
Is it still true in 2024 that your Roth Contribution cannot exceed your AGI? As a divorced person who receives post tax maintenance as a primary income source (it is not reported as taxable income on my taxes), this limitation makes Roth contributions very limited.
Can a non-working spouse have an IRA if working spouse has a 401k and is above the IRA income limit? My understanding is no.
Yes, you can have an IRA, but if you’re income limits are too high the IRA contribution isn’t deductible.. Making non-deductible IRA contributions can lead to a messy situation requiring additional tracking of pre-tax and after-tax values and filing form 8606 with your tax return. You should check out our upcoming video on Mega Back Door Roth IRAs for a possible alternative consideration.
You mentioned the IRS hadn't ruled on the legality of the backdoor Roth. The Trump tax cut actually codified it...