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Video instructions and help with filling out and completing What Form 944 Pr Revenue

Instructions and Help about What Form 944 Pr Revenue

Hello and welcome to this episode of unvested shares in this video I will be showing you how to fill out form 80606 which is the IRS form that needs to be submitted when you do a backdoor Roth conversion so again when you do a backdoor Roth conversion which I will briefly run over again as a review you need to include form 80606 when filing your tax return and I'm going to show you how to fill that out in today's video so as a brief reminder a backdoor Roth conversion or back to a Roth IRA is a strategy that is often used by high earning individuals who cannot contribute outright to a Roth IRA because they make too much money stated quite simply in 2023 if you are a single filer and earn over 135 thousand dollars you can no longer contribute to a Roth IRA or if you are a joint filer and as a unit you earn over one hundred ninety nine thousand dollars you can not contribute to a Roth IRA so again the backdoor Roth conversion and the strategy there is you contribute up to fifty five hundred dollars in earned income if you're under the age of fifty to a non-deductible IRA and you then wait at least one period one I would say one statement period if not an entire year before then converting that non-deductible IRA into a Roth account and since you already paid your taxes before contributing to that non-deductible IRA you won't owe any additional taxes when you convert to a Roth so that is the high-level strategy of what a Roth conversion excuse me a backdoor Roth conversion is and you know a lot of times folks who are high earners will max out their...

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