HOW TO DO A BACKDOOR ROTH IRA IN 2026

HOW TO DO A BACKDOOR ROTH IRA IN 2026 so the ARD CFP BOARD VOLUNTEER 2023 you make too much to contribute to a Roth IRA directly well well here's the legal way around that Money Momma I'm Money Momma CFP a licensed CERTIFIED and when I was in practice you would have needed millions of dollars to work with me but my my mission is giving everyone that FOR FREE! and that legal way is called a BACKDOOR ROTH IRA now here's how a backdoor BACKDOOR ROTH IRA STEP BY STEP GUIDE step by step STEP 1: OPEN TWO ACCOUNTS Contributory IRA Roth IRA STEP 2: CONTRIBUTION 2026 Under 50 -> $7,500 Over 50 -> $8,600 Checking Account Savings Account Investment Account 401k or Retirement Account step two for for 2026 you can put in seventy five hundred dollars if you're or eighty six hundred dollars if you're over 50 take that money into your contributory IRA the the moment that deposit clears move that money into your Roth that's you just an IRA contribution and you converted to a Roth IRA so move it fast within a because because any money that grows in the IRA Convert before it grows! you convert gets taxed NO GROWTH = NO TAX so you have your move that money back into you just did a conversion you got money right into IMPORTANT now one when you file taxes YOU HAVE TO REPORT the IRA contribution but you cannot take a deduction taking the deduction creates a tax problem when you convert one real warning if you already have an existing contributory IRA not a 401k I'm talking the contributory IRA if you already have an individual retirement Existing IRA? Talk to a Tax Professional talk to a tax professional before because that can trigger tax consequences backdoor Roth NO! Yes!!! if you follow the Have Have you hit the income limit for a Roth? yes good for I put put your questions in the OFUDEBT.COM for more on building wealth and the right mindset around it. always remember YOU'RE NOT BAD WITH MONEY, YOU JUST NEVER HAD THE RIGHT SYSTEM. that changes