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Can I Make a Mega Backdoor Roth IRA Contribution?

Retirement Planning July 14, 2020

In certain cases, you may be eligible to make a Mega Backdoor Roth IRA contribution. At a high level, this involves making a non-Roth, after-tax contribution to your 401(k), then rolling it out of the 401(k) into a Roth IRA.

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Should I Consider Doing a Roth Conversion?

Retirement Planning July 14, 2020

There are a lot of important considerations to weigh before doing a Roth conversion. As a result of the current market condition and changes due to the SECURE Act, Roth conversions are becoming an important strategy that advisors are discussing with their clients. This flowchart addresses some of the major decision points to help guide clients through the conversation. This flowchart covers: Changes in marginal tax rates for clients (or their heirs) Ability to pay the associated tax with cash outside the retirement account Five-year rule implications Impact of income-based programs (IRMAA)

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Can I Make a Backdoor Roth IRA Contribution?

Retirement Planning July 14, 2020

If you earn too much, you are unable to make a regular contribution to a Roth IRA. But, there is a workaround called the Backdoor Roth Contribution. There are many factors and rules that must be considered, and complicated steps to take in order to properly implement this strategy, without penalty.

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