@dailydoseof_sheryl:

ᡕᠵ᠊ᡃ່࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏~♡
ᡕᠵ᠊ᡃ່࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏~♡
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Tuesday 30 August 2022 08:16:00 GMT
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shanicelau_12
shanice :
So pretty 😍
2022-08-30 08:36:39
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On GMA3, I had the most fun talking about the perfectly legal loopholes the rich use to get richer— that you can use, too! One of my favorites is the Backdoor Roth IRA. Roth IRAs are one of the MVPs of the retirement account world… but, there are income limits that determine who can open one. In 2024 if you make $161,000 or less as a single person or, if you’re married and you and your spouse make less than $240,000 combined, you can open a Roth IRA in your brokerage account. If you make more than that, you can’t open a Roth IRA in just one step… but you can convert some other types of accounts into a Roth IRA. Here’s what you can do: you can start a Traditional IRA in your brokerage account, which has no income limits to open, and then convert it to a Roth IRA. If you open a Roth IRA using this two-step process, it’s called a “Backdoor Roth IRA,” because the account you’re opening, or taking through the “front door” is the Traditional IRA, and then converting that account into a Roth IRA through this savvy loophole. While this move might sound sketchy, it’s really not. The IRS even has a form to report this (Form 8606). I think the real reason we don’t take advantage of these loopholes is that the mean guy or girl inside our head tells us that these rules are only for billionaires or people who work on Wall Street. But that is not true. So tell that voice to take a seat, do your research, and make your money work for you. 💸 #gma #roth #rothira #backdoor #loophole #mvp #invest #retirement
On GMA3, I had the most fun talking about the perfectly legal loopholes the rich use to get richer— that you can use, too! One of my favorites is the Backdoor Roth IRA. Roth IRAs are one of the MVPs of the retirement account world… but, there are income limits that determine who can open one. In 2024 if you make $161,000 or less as a single person or, if you’re married and you and your spouse make less than $240,000 combined, you can open a Roth IRA in your brokerage account. If you make more than that, you can’t open a Roth IRA in just one step… but you can convert some other types of accounts into a Roth IRA. Here’s what you can do: you can start a Traditional IRA in your brokerage account, which has no income limits to open, and then convert it to a Roth IRA. If you open a Roth IRA using this two-step process, it’s called a “Backdoor Roth IRA,” because the account you’re opening, or taking through the “front door” is the Traditional IRA, and then converting that account into a Roth IRA through this savvy loophole. While this move might sound sketchy, it’s really not. The IRS even has a form to report this (Form 8606). I think the real reason we don’t take advantage of these loopholes is that the mean guy or girl inside our head tells us that these rules are only for billionaires or people who work on Wall Street. But that is not true. So tell that voice to take a seat, do your research, and make your money work for you. 💸 #gma #roth #rothira #backdoor #loophole #mvp #invest #retirement

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