Financial advisor and columnist Michele Cagan I’m 44 with $1 million in my 401(k), IRA and Roth IRA. Since my total household is above the threshold for investing in a Roth IRA, I have been considering employing the backdoor Roth IRA tactics. I left $700,000 in a 401(k) at my old employer. I am trying to strategize […]
(Reuters) -Shares of Donald Trump’s media and technology company jumped nearly 20% before the bell on Tuesday in the run-up to their Nasdaq debut after more than two years since its merger with a blank-check firm was announced. Trump Media & Technology Group (TMTG), the parent of Trump’s preferred social media platform Truth Social, would […]
High-income households can use what’s called a “backdoor Roth” to utilize a Roth IRA despite the program’s standard income restrictions. This can be an effective way to build a tax-free stream of income for your retirement, and it is a completely legal strategy. Whether this method will reduce your taxes depends heavily on your tax […]
(Bloomberg) — For more than a year, Nvidia Corp. has been the go-to trade for investors seeking exposure to the red-hot growth story of artificial intelligence. And yet there’s a lower-profile stock that has grown faster, rallied way more and is still cheaper than the most magnificent of the Magnificent Seven. Most Read from Bloomberg […]
Married and finding yourself in the frustrating position of earning above the Roth IRA limit? Don’t worry, you’re not alone. Many people encounter this obstacle when seeking to maximize their retirement savings. The good news is that there’s a strategy known as the backdoor Roth IRA that could provide a solution. This approach allows high-income […]
If you’re a relatively high earner, you might be locked out of making Roth IRA contributions due to the account’s associated income caps. In that case, you can instead consider a conversion, otherwise known as a “backdoor Roth.” The advantage to doing this is that you will avoid all income taxes on withdrawals from the […]
Financial advisor and columnist Michele Cagan I’d like to ask about the backdoor Roth IRA. Say you are over the income limit for Roth contributions, so you make a traditional contribution with no tax deduction and then do a backdoor Roth. Is that conversion taxable? If so, you would be paying tax on that money […]