Q&A from our listeners:
How do I do a backdoor Roth IRA contribution or conversion? How do I rollover a 401k into an IRA?
🏘
Remember in Episode 12 how we used the "building your dreamhouse" analogy to explain how to invest in the stock market? Well remember that dreamhouse during this episode and the different rooms that are your retirements accounts, in this instance. 😉
We had a fantastic chat in our latest episode, sparked by a question from Hello2jojo on TikTok. They were curious about backdoor Roth IRA contributions and rolling over a 401(k) to an IRA, which led to some really insightful discussions!
We dove into the world of backdoor Roth IRAs, breaking down how they work and what the IRS rules are all about. One key point we covered was the IRA aggregation rule, which basically treats all traditional IRA accounts as one when it comes to taxes and conversions.
We made sure to explain the difference between deductible and nondeductible contributions, stressing how important it is to understand the tax implications, especially when moving funds into a Roth IRA. Plus, we talked about the pros and cons of doing Roth IRA conversions, especially in light of your own tax situation.
Note: Roth IRAs have a 5-year aging rule.
Check out Episode 5 to learn more about Brokerage and Retirement Account Types and Taxes!
Still Confused? Have More Questions or a Comment?
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About Us 🌚🌞
Market MakeHer is an investing education podcast taught by a 15-year finance expert to her friend, a beginner investor. Our mission is to demystify the stock market and make financial literacy accessible to all self-directed investors! We teach complex investing topics in a different way - from "Her" perspective.
Important Disclosures:
Investing involves risk. There is always potential to lose money when investing in securities. Market MakeHer LLC provides educational content and resources for informational purposes only. We are not registered financial advisors & do not provide personalized investment advice. Consult with a l...
