There’s still time for you to do a Backdoor Roth IRA for 2022! In this episode, I discuss the IRA, or individual retirement account, in more detail. There is the Traditional IRA and the Roth IRA. The Backdoor Roth IRA is a strategy to help high income earners contribute to a Roth IRA since there are income limits for directly contributing to a Roth IRA. Many high Income earners can’t tax deduct contributions to a traditional IRA so the Backdoor Roth IRA strategy is helps be more tax efficient with investing for retirement.
https://www.irs.gov/publications/p590b#en_US_2020_publink1000230955
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