Reported 1 day ago
If you're earning $200,000 a year and face Roth IRA contribution limits, a backdoor Roth conversion could be a strategic option to minimize federal taxes in retirement. This approach enables high earners to transfer funds from pre-tax accounts to a Roth IRA, avoiding taxes on future withdrawals, though it comes with a large upfront tax bill that can be managed through staged transfers. Consulting a financial advisor is recommended to tailor the conversion to your financial situation.
Source: YAHOO