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Both the backdoor Roth IRA and the Mega backdoor Roth IRA are both retirement accounts, but there are a few key differences. The backdoor Roth IRA has a contribution limit of $7,000 (or $8,000 if ...
If you already have an existing Roth IRA at your current broker or another one, you can use that account or open a new one. Here are the best brokers for a Roth IRA . 3.
You won’t deduct the traditional IRA contributions on your taxes, so you’ll be funding it with after-tax dollars – the same as you would have if you made a direct Roth contribution.
The author of the original post says that their employer allows them to split their retirement contributions between a pre-tax IRA and a Roth IRA, (they also said there is an after-tax option, but ...
A Roth IRA is the best retirement account around, according to many experts. It offers huge benefits such as tax-free income and the ability to leave tax-free money to heirs.
Everyone qualifies to make backdoor Roth IRA contributions using after-tax funds you contribute to a traditional IRA and then roll over to a Roth IRA. Note that the pro-rata rule also applies here. 3.
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