Eliminating the backdoor Roth IRA strategy
A backdoor Roth IRA is a strategy rather than an official type of individual retirement account. It is a technique used by high-income earners—who exceed Roth IRA income limits—to convert their traditional IRA to a Roth IRA. However, the backdoor Roth IRA strategy is not a tax dodge. When you transfer the assets of a traditional IRA to a Roth IRA, you owe taxes on any funds—the principal, earnings, and appreciation—that have not been taxed. So why are congressional members want to end this strategy? Patrick Villanova discusses how the House Ways and Means Committee wants to prohibit this strategy. Read Mr. Villanova’s article here…
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