How To Do A Backdoor Roth In Fidelity (4 EASY STEPS)

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HOW TO DO A BACKDOOR ROTH IN FIDELITY (4 EASY STEPS) | In this video, I’m going to share the 4 steps to do a backdoor Roth IRA in Fidelity. I’m also going to teach you how to avoid 2 major mistakes that people do often do, to make sure you don’t get in trouble with the IRS. Master the process and take control of your retirement savings!
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#rothiraforbeginners #backdoorrothirafidelity
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Skip Ahead Here!
0:00 - How To Do A Backdoor Roth In Fidelity (4 EASY STEPS)
0:35 - Step 1: Contribute to a Traditional IRA
2:44 - Step 2: Invest your contribution
4:23 - Step 3: Move your pre-tax IRAs to your current employer plan
6:01 - Step 4: Convert your Traditional IRA to a Roth IRA
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The One-Page Financial Plan by Carl Richards (easy read, holistic + fun graphics!) amzn.to/35NH54Z
Simple, Smart Investing by Ian Kennedy (can help you construct your investment portfolio)
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A Random Walk Down Wall Street by Burton G. Malkiel (classic book that sold me on index funds) amzn.to/2H7pbzS
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Опубликовано:

3 авг 2024

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Комментарии : 15

@DistrictCapital 3 месяца назад

Skip Ahead Here! 0:00 - How To Do A Backdoor Roth In Fidelity (4 EASY STEPS) 0:35 - Step 1: Contribute to a Traditional IRA 2:44 - Step 2: Invest your contribution 4:23 - Step 3: Move your pre-tax IRAs to your current employer plan 6:01 - Step 4: Convert your Traditional IRA to a Roth IRA

@joseaod15 2 месяца назад

In 2018 the IRS indicated that the use of a backdoor Roth IRA conversion process does not violate the step transaction doctrine.

@ryanperkins5666 Месяц назад

Great video, when I talked with Fidelity this year, they said to just let the cash settle in the traditional IRA then you can immediately move it to your Roth IRA.

@shredsauce7068 3 месяца назад

Very helpful! Most other videos I’ve seen on this, are to fund your traditional IRA, then transfer cash to Roth IRA, and then to invest money once it’s settled in Roth IRA? So you are saying to invest the money in Traditional IRA and then convert to Roth and few months later?

@DistrictCapital 3 месяца назад

Thanks for your question. Yes, that's correct. This will help you avoid the US step transaction doctrine.

@lotushealingsanctuary 21 день назад

If RMDs are paid and being paid with a traditional rollover IRA w death benefit (spouse is bene)... Can you see any potential pitfalls in converting to a Roth? (Besides a current year potential tax increase?)

@barceloj 3 месяца назад

Great video, thanks! Quick question. If after investing your money in the traditional IRA for a few months your balance is more than the $7K limit for the year, you can still rollover the entire balance or you are limited to the $7K?

@DistrictCapital 3 месяца назад

Great question! You can only roll over the Roth IRA contribution limit for that year, so for 2024 that is $7k. Thanks!

@agustino42491 3 дня назад

@@DistrictCapital This wouldn't be a roll over... this would be a roth conversion... you can convert any amount to roth at any time any year... the 7k limit is the limit you can contribute to the traditional IRA in the first place... if that traditional IRA was invested in a penny stock that soar'd to a million dollars, you can convert that million dollars to roth ira without issue... this is elementary 101

@ygko9620 2 месяца назад

Thank you for the video! One quick question: If $7000 is put into traditional IRA and I invest that money for couple of month (and lets say I gained $100 from that investment during this months). If I convert entire account balance to roth ira, wouldnt that go over the roth IRA limit of $7000?

@ygko9620 2 месяца назад

If I cannot convert entire account balance and convert up to the limit (7,000). $100 remaining in traditional account, wouldnt this complicate the conversion in the next year because the account will contain both taxable($100+ capital gain) and non-taxable(amount already taxed on W2 that I will put in next year for roth ira conversion)?

@odanree 23 дня назад

@@ygko9620 you can covert the entire amount but you will have to pay gains on that 100$, that is what my fidelity person told me

@reinodapz 18 дней назад

@@ygko9620following

@DistrictCapital 3 месяца назад

Are you planning to use the backdoor Roth IRA strategy this year?

@keithmarquis226 9 дней назад

not sure if I missed a step....you move your IRA funds from your traditional IRA to your COmpany 401k....but then open a Roth and move your traditional IRa to the Roth......there's nothing in the Trad. IRA as you moved it to the 401k. NO? Did I miss a step?