Backdoor Roth IRA: Advantages and Tax Implications Explained

Backdoor Roth IRA: Advantages and Tax Implications Explained

A backdoor Roth IRA is a strategy used by high earners to convert a traditional IRA to a Roth IRA. It allows high-income earners to get around the income limits for contributing to a Roth IRA. While it may result in higher taxes initially, it offers future tax savings and benefits for those who want to pass funds on to their heirs. The strategy is legal and respected by the IRS. f9b8

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Backdoor Roth IRA: Advantages and Tax Implications Explained

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