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 ...
The College Investor on MSN
How to do a backdoor Roth IRA (and pitfalls to avoid)
A backdoor Roth IRA is a strategy that allows high-income earners to bypass the ordinary income limits on Roth contributions and get money into a Roth IRA account. The strategy is called a “backdoor” ...
Traditional 401(k) savings are subject to federal and state income taxes upon withdrawal in retirement. Roth 401(k) accounts use after-tax dollars, allowing contributions and earnings to be withdrawn ...
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