Don't Let These Rules Slam Your Backdoor Roth Conversion

Roth IRAs are great, but not everyone is able to contribute to them directly. That's where backdoor Roths come in, where you make a contribution to a traditional IRA and then immediately convert it to a Roth. The rules for backdoor Roth IRAs are a little confusing, though, and it's difficult to know how they might apply to your situation. In this video from an October installment of the Motley Fool Live "Financial Planning Power Hour" series, longtime contributor and Director of Investment Planning Dan Caplinger discusses the ins and outs of the backdoor Roth and what you need to know in order to use it.

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Source Fool.com