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Can someone please explain backdoor Roth accounts like I’m 5?
Can someone please explain backdoor Roth accounts like I'm 5? Household MAGI is over 240k. How does the backdoor Roth work? I understand why someone might want to do it (tax free growth and withdrawal), but I don't understand how you actually do it. Some of my questions include:
How much do you convert to Roth each year? What do you pay in taxes to do the conversion? What is this rule about traditional I...
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