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Backdoor Roth IRA (HOW TO DO IT IN 3 STEPS)

Backdoor Roth IRA (HOW TO DO IT IN 3 STEPS)

BACKDOOR ROTH IRA // Do you make too much to qualify for Roth contributions? You can still get the awesome tax savings via a BACKDOOR Roth IRA! Watch this video for a step-by-step tutorial on how to do a backdoor Roth IRA (on Fidelity), for background info on why the backdoor Roth IRA is legal, and some common pitfalls to look out for so you don’t accidentally trigger a huge tax bill! Backdoor Roth IRA explained, using Fidelity as my example. It involves doing a Fidelity Roth conversion but keeping in mind certain important steps.

IRA Deduction Tips: Come up with an investment philosophy. Before you decide where you want to put your money, think about what you believe to be true regarding investing. Those ideas and opinions will help you figure out an investment strategy and keep you motivated over time. Your philosophy will also help you steer clear of bad investments. If you are struggling to come up with something, look to successful investors for inspiration.

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***FREE DOWNLOAD! ROTH IRA INVESTING STARTER KIT
The Ultimate Guide to Becoming a Tax-Free Millionaire
https://www.rosehan.com/rothstarterkit

IRS FORM 8606 TUTORIAL:

IRS FORM 8606:
https://www.irs.gov/pub/irs-pdf/f8606.pdf

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***BOOKS I RECOMMEND***

I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)
https://amzn.to/2VbJ1Pt

The Little Book of Common Sense Investing (Jack Bogle’s classic advice on index funds)
https://amzn.to/32ewzjj

InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)
https://amzn.to/2SLTYpn

Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)
https://amzn.to/2SKyklt

Rich Dad Poor Dad (#1 selling personal finance book of all time… need I say more?)
https://amzn.to/2SJ6vtx

Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)
https://amzn.to/37N2adc

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DISCLAIMERS & DISCLOSURES ❤

This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support!

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Written by Bobby

IRA Contributions Explained (Everything You Need To Know)

2020 contribution limits | Roth IRA, Traditional IRA, 401(k)