Tax Strategies

The Backdoor Roth strategy is a great way to get more savings into Roth IRAs if you are high-income and you’ve maxed out your other retirement options. If you have performed a Backdoor Roth or are considering performing one, it is important to understand the proper way to report the transaction, as it requires additional steps to ensure your money is not taxed twice and the IRS is satisfied. The Backdoor Roth Conversion Steps Contribute to a Traditional IRA Convert the Traditional IRA to a Roth IRA Report the transaction on your tax return What Documents You'll Receive While performing…