Use Backdoor Roth IRAs to Reduce Taxes

Having a Roth retirement account enables your money to grow tax-free. You also will not be required to take required minimum distributions (RMDs) when you reach 73 and do not need to pay taxes on the money when you make a withdrawal. Contributing through a backdoor Roth individual retirement account (IRA) enables you to reduce taxes and skip the requirement for taking RMDs.
Contributions to a traditional IRA are tax-deductible. Because you get a tax break with your contributions, you will pay taxes when you withdraw money at your regular income tax rate.
You can save money on taxes if you put your money into a Roth IRA. You can also roll over money in a 401(k) into a Roth IRA. It can be done by making a rollover into the new Roth account. Even if you make too much money for Roth contributions, you can use the backdoor Roth IRA method to bypass the limitation legally….

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