• How to Unlock the Backdoor Roth (If You Already Have Money in an IRA!)

  • Jun 18 2024
  • Length: 9 mins
  • Podcast

How to Unlock the Backdoor Roth (If You Already Have Money in an IRA!) cover art

How to Unlock the Backdoor Roth (If You Already Have Money in an IRA!)

Listen for free

View show details

  • Summary

  • A Backdoor Roth IRA can be a fantastic way to funnel money into a Roth if your income puts you over the Roth IRA contribution limits. However, this strategy often gets messed up by folks who already have money in an IRA from a rollover or past contributions. In this episode, we'll break down how to fix this issue and unlock the Backdoor Roth IRA! For those not familiar with what a Backdoor Roth even is, here is our video guide on it: https://www.youtube.com/watch?v=7sceoVR2niM&t=379s


    Key Topics:

    • How to Unlock the Backdoor Roth (the right way!) (01:14)
    • The Easier Path with an Employer-Sponsored Retirement Plan (03:10)
    • The Other Situation: Basis Inside the IRA (04:14)
    • Form 5606: A Commonly Incorrectly-Completed Form (07:00)
    • Wrap-up (08:00)



    This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com
    Show More Show Less
Economics Personal Finance
Show More Show Less

What listeners say about How to Unlock the Backdoor Roth (If You Already Have Money in an IRA!)

Average Customer Ratings

Reviews - Please select the tabs below to change the source of reviews.

Audible.com.au reviews

Amazon Reviews
No Reviews are Available
In the spirit of reconciliation, Audible acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.