Back door Roth IRA is for people you have max out all contribution and can't open a Roth IRA because of income and want to contribute more to retirement account. I would not say they are rich people, just well off.
This will only work if you don't have a traditional IRA account before.
1. Fund a traditional IRA
2. Convert to a Roth IRA
now you have a Roth IRA account. Hehe
On Monday, February 27, 2017 2:22 PM, "elstaub@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com> wrote:
donle0230 or anyone, can you explain to me where the money is coming from to fund the "Backdoor Roth IRA"? Is it a traditional IRA, and do you pay tax on that conversion?
My ultimate question is why do a backdoor instead of a regular frontdoor IRA? I think the backdoor is really for rich people who are subject to income phase-outs and can't do a normal Roth IRA?
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Posted by: <donle0230@yahoo.com>
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