As the year-end approaches, many are thinking about last-minute tax deductions and strategies. With the tax law changes, many people will be filing the standard deduction, rather than itemizing. That limits deductions even more.
IRAs are an option for many people. If you make too much money and are covered by an employer retirement plan (401(k), 4032(b), etc.), you may not be able to make a deductible contribution.
The other option is a Roth IRA. Though not tax deductible, there are many other reasons to consider a Roth IRA. However, Roth's also have an income limit to contribute.
The way around that is the backdoor Roth IRA. This post reviews how it works and what you need to know about it to avoid the pitfalls.
Is the Backdoor Roth IRA Right for You?
Submitted December 10, 2018 at 03:55PM by fredleam1 https://ift.tt/2EddGTZ
