The Backdoor Roth IRA Conversion
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You don't earn too much to contribute to a Roth IRA. This might be news to you, so let Mullooly Asset Management explain how you can contribute to a backdoor Roth IRA. The backdoor Roth conversion has been used by plenty of higher income individuals before.
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The Backdoor Roth IRA Conversion
- 1. Mullooly Asset Management Podcast May 29, 2013 Mullooly Asset Management 2013
- 2. Roth IRA Conversion “I make too much money to contribute to a Roth IRA” No longer true Mullooly Asset Management 2013
- 3. Traditional IRA Roth IRA Can be used to contribute to Roth IRA’s if you make more than Income Contribution Levels Single Filers Up to $110,000 (to qualify for a full contribution) $110,00-$125,00 (to be eligible for partial contribution) Joint Filers Up to $173,000 (to qualify for a full contribution) $173,000–$183,000 (to be eligible for a partial contribution) Mullooly Asset Management 2013
- 4. Traditional IRA’s Many stopped contributing to them Mullooly Asset Management 2013
- 5. Creation of Roth IRA’s Taxpayer Relief Act of 1997 Senator William Roth of Delaware Mullooly Asset Management 2013
- 6. What’s the Difference? Roth Contribution Roth Conversion Mullooly Asset Management 2013
- 7. Back Door Roth Conversion Contribute to a Traditional IRA Elect to immediately do a Roth Conversion Taxes on difference between: value of Traditional IRA balance and amount converted Do it again next year Mullooly Asset Management 2013
- 8. The Pro-Rata Rule What is it? Why is it important? Mullooly Asset Management 2013
- 9. None of the securities mentioned in this (or any) podcast or video represent past specific recommendations of Mullooly Asset Management. This video is NOT a recommendation to buy or sell any of the securities mentioned here. If you’re relying on a podcast for investment advice, you are likely making a huge mistake. We strongly urge our listeners to consult with their investment advisor before they make a decision to buy or sell any investment. Mullooly Asset Management 2013
- 10. Mullooly Asset Management, LLC support (at) mullooly (dot) net 732-223-9000 www.mullooly.net Mullooly Asset Management 2013