Assuming you are a high earner now, and are maxing 401k roth contributions: Is there any value at all to take your additional post tax income and max out a traditional IRA instead of just putting the money in a brokerage account? Would love to put in Roth IRA but income is too high to qualify. Can explore backdoor Roth but unclear if that’s legal. Trying to play catch up on retirement accounts in early 30s. TC: $240, non tech
Past 120 you cant use a Roth. You have to use a 'backdoor roth'
I have a traditional ira. Tell me what I can do to get the backdoor roth. I don’t qualify for normal roth.
Make contributions to traditional first then Transfer from traditional to Roth
You can backdoor to a Roth. Just look it up, still legal. I wouldn’t bother keeping it in a traditional IRA with post tax contribution.
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It is legal and everyone does it. The money grows tax free in Roth IRA!
To clarify, you pay tax on the amount transferred from Traditional to Roth at the time of conversion, but the remaining amount grows tax free.
Indeed! =)