@realbraidenshaw: If your income is too high to contribute directly to a Roth IRA, a backdoor Roth may be a great alternative. The basic idea is simple: • Make a non-deductible contribution to a Traditional IRA • Convert those funds to a Roth IRA • If IRS requirements are met, future qualified withdrawals can be tax-free A few important things to know: • If you already have pre-tax money in a Traditional, SEP, or SIMPLE IRA, the pro-rata rule may affect how much tax you owe on the conversion • Many brokerage firms can help with the conversion process, and Form 8606 is used to report nondeductible IRA contributions • Every situation is different, so it's worth talking with a CPA or tax professional before making a move

realbraidenshaw

Open In TikTok:

Region: US

Thursday 13 August 2026 21:58:01 GMT

24304

890

131

Music

Download

No Watermark .mp4 (5.87MB) No Watermark(HD) .mp4 (5.13MB) Watermark .mp4 (5.39MB) Music .mp3

Comments

Alex outdoors :

Limited to the $7,500 traditional ira cap per year, right??

2026-08-15 03:12:19

drewski615904 :

My wife and I filed married separately due to her wild student loans, but not allowed to have a Roth IRA as a result. We do a Backdoor Roth IRA conversion in cash twice a year

2026-08-14 02:51:29

Melissa Smith :

I'm tired of saving for retirement. What if I don't live long enough to use it...

2026-08-14 05:49:58

user5113478424255 :

Recommendations for a good tax person. Houston texas.

2026-08-14 00:58:26

John Burnheimer :

when you pay the taxes, can you use your IRA as the source of that cash without paying any penalties?

2026-08-15 23:22:17

DoublePEquipment :

So do you still get the initial tax benefits of a traditional ira as well?

2026-08-13 22:20:16

Joe Good :

Research pro-rata rule before converting!!!

2026-08-14 01:16:50

To see more videos from user @realbraidenshaw, please go to the Tikwm homepage.