BONUS GUIDE: 2023 Roth IRA & Backdoor Roth IRA Eligibility Flowcharts
A special guide for premium subscribers
⏰The Clock is Ticking for 2023 IRA Contributions
Time is running out but you can still make contributions to your Traditional or Roth IRAs for the year 2023! You've got until April 15, 2024 – the tax filing deadline – to make your contributions for the previous year. Simply select the 'prior year contribution' option when you make your deposit.
But here's an interesting twist: your income might mean you are ineligible to contribute directly to a Roth IRA. However, fear not! You could potentially leverage the 'backdoor' Roth IRA strategy. Today, I've included two insightful flowcharts to help you navigate whether you qualify for a Roth IRA contribution or if the backdoor Roth IRA is a viable option for you to consider. Enjoy!
By the way, if that all makes your head spin a financial planner (hello, it’s me Kelly) can help you determine which accounts to contribute to and how much in each. Learn more about how I can help here.
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