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Many high-income earners would like to contribute directly to a Roth IRA but are not eligible because of IRS income limits. However, they may be able to contribute to a Roth IRA by using what is known as a backdoor conversion. Watch the above video to learn more.
The benefits of a Roth IRA include:
Anyone can move the assets accumulated in a Traditional IRA account to a Roth IRA account, regardless of income. The catch is you’ll owe current income tax on the amount converted. If you have questions about your Roth IRA eligibility or would like to do a Roth IRA backdoor conversion, call our office today!