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UPS Retirement Topics
Back door ROTH
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 2715953" data-attributes="member: 12570"><p>A <strong>backdoor</strong> Roth <strong>IRA</strong> allows you to get around income limits by converting a Traditional <strong>IRA</strong> into a Roth <strong>IRA</strong>. Contributing directly to a Roth <strong>IRA</strong> is limited if your income is beyond certain limits, but there are no income limits for conversions.</p><p></p><p><strong>Roth IRA</strong> Conversion Taxes. When you convert from a <strong>Traditional IRA</strong> to a <strong>Roth IRA </strong>you pay income tax on the contributions. The taxable amount that is converted is added to your income taxes and your regular income rate is applied to your total income.</p><p></p><p><a href="https://www.fidelity.com/retirement-ira/ira-comparison?imm_pid=700000001009716&immid=100268&imm_eid=e5444731901&gclid=CKXKqL-I19ICFQYdaQod9RUNVg&gclsrc=aw.ds" target="_blank">IRA Comparison - Roth vs Traditional IRA - Fidelity</a></p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 2715953, member: 12570"] A [B]backdoor[/B] Roth [B]IRA[/B] allows you to get around income limits by converting a Traditional [B]IRA[/B] into a Roth [B]IRA[/B]. Contributing directly to a Roth [B]IRA[/B] is limited if your income is beyond certain limits, but there are no income limits for conversions. [B]Roth IRA[/B] Conversion Taxes. When you convert from a [B]Traditional IRA[/B] to a [B]Roth IRA [/B]you pay income tax on the contributions. The taxable amount that is converted is added to your income taxes and your regular income rate is applied to your total income. [URL="https://www.fidelity.com/retirement-ira/ira-comparison?imm_pid=700000001009716&immid=100268&imm_eid=e5444731901&gclid=CKXKqL-I19ICFQYdaQod9RUNVg&gclsrc=aw.ds"]IRA Comparison - Roth vs Traditional IRA - Fidelity[/URL] [/QUOTE]
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