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Individual Retirement Accounts – Backdoor Roth IRA

Generally, you can only contribute to a Roth IRA if you have taxable compensation and income less than the top of the phaseout range for your filing status (see chart below).  If your income is greater than that threshold amount, you are prohibited from contributing directly to a Roth IRA.

A “backdoor Roth IRA” allows a taxpayer to bypass income limitations by first making a nondeductible contribution to a traditional IRA and then converting it into a Roth IRA.  If the conversion happens soon after the original contribution, there will be little or no taxable income or tax assessed.  Due to the distribution rules for traditional IRAs, this works best if you have no other traditional IRAs.

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IRA, Backdoor Roth

Filed Under: Retirement, Tax Topics

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Copyright 2019 - ERB FINANCIAL is an independent contractor who offers securities and advisory services through Excel Securities & Associates, Inc., 200 Canal Park Blvd, Rochester, NY 14623, 585-424-1234 • Excel Securities & Associates, Inc. and Erb Financial are separate entities; There is no common ownership between the two. Excel Securities & Associates, Inc. is a Member of [FINRA] and [SIPC]
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  • Home
  • About
    ▼
    • Our Company
    • Our Team
  • Tax
    Services
  • Investment
    Services
  • Resources
    ▼
    • Helpful Links & Websites
    • Financial Calculators
    • Tax Topics
    • Tax Preparation Checklist
    • Newsletters
    • Forms & Worksheets
  • Blog
  • Contact
    ▼
    • Contact Us
    • Driving Directions
  • broker