Psst…the Backdoor Route to a Roth IRA – Wall Street Journal – 03/03/14

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Psst…the Backdoor Route to a Roth IRA

High earners can’t contribute directly to popular Roth individual retirement accounts. But there’s still a way in. We explain a simple two-step strategy that works for many people. WSJ’s Karen Damato explains.

You can’t contribute to a Roth IRA if your income is…

  • over $191,000 married, filing jointly
  • over $129,000 filing single

You can’t deduct an IRA contribution if…covered by a retirement plan at work with an income over $116,000 filing jointly, or over $70,000 filing single

Works best if:

  • you don’t have any money in other traditional IRAs

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