Is a Backdoor Roth IRA Right for You?
Backdoor Roth IRA – If your Modified Adjusted Gross Income for 2014 is greater than $191,000 and you are married filing jointly ($129,000 for single) you can no longer make a Roth IRA contribution. Or can you? If you have no other IRA’s, there’s are strategy that will work for you. Make a non-deductible IRA contribution then immediately convert the non-deductible IRA to a Roth. Beware of the tax pitfalls if you currently have a traditional IRA. Consult with our office to see if this strategy will work for you.
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