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White Coat Investor Podcast
WCI #357: Roth IRAs, Conversions and Backdoor Contributions
Mar 7, 2024
In this episode, they cover Roth IRAs, conversions, and contributions. They discuss living like a resident and the difference between wants and needs, including Jim's big truck. The episode also touches on financial planning strategies for physicians and optimizing Roth IRA contributions and conversions.
58:59
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Quick takeaways
- Roth conversions involve tax implications when moving funds from traditional to Roth accounts.
- Tailored financial advice is essential for complex decisions like pre-tax vs Roth contributions for retirement savings.
Deep dives
Key Point 1: Understanding Roth IRAs and Conversions
Roth IRAs and conversions were discussed in the podcast. A distinction was made between a backdoor Roth IRA and a mega backdoor Roth IRA in the context of 401(k) accounts. While Roth conversions involve moving funds from traditional to Roth accounts with tax implications, mega backdoor Roth IRAs allow after-tax contributions into 401(k) plans, mostly as a tax-neutral event.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode