72 - You’re Not Too Rich for a Backdoor Roth: The Legal Tax Hack the IRS Actually Wants You to Use
In this episode, Dr. Jackie Meyer and Acen Hansen discuss the intricacies of the Backdoor Roth IRA and the Mega Backdoor Roth strategy, emphasizing the importance of tax-free growth for wealth accumulation. They explore common misconceptions about Roth IRAs, the mechanics of contributions and conversions, and the significance of legacy planning. The conversation also touches on financial myths and offers insights into effective tax strategies for high-income earners.
🔗 Connect with Acen Hansen
https://www.linkedin.com/in/acen-hansen/
https://legacywealthmg.com/
🔗 Connect with Dr. Jackie Meyer
Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa
Jackie on Instagram @jackiemeyerCPA
Jackie's work at https://www.jackiemeyercpa.com
This episode is brought to you by TaxPlanIQ:
https://www.taxplaniq.com
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Takeaways:
- The Backdoor Roth IRA is a powerful strategy for high earners.
- Many believe they can't contribute to a Roth IRA, which is a misconception.
- Tax-free growth is essential for building wealth over time.
- The Mega Backdoor Roth allows for larger contributions to a Roth IRA.
- Legacy planning should focus on the purpose behind wealth accumulation.
- Understanding the mechanics of Roth conversions can lead to significant tax savings.
- Qualified Opportunity Zones offer unique tax deferral benefits.
- Deductions alone do not create wealth; strategic growth does.
- Collaboration among advisors can enhance client outcomes.
- Financial myths can hinder effective wealth management strategies.
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