Back Door Roth IRAs

https://www.youtube.com/watch?v=XdwqVi4ZFMs

If your income is above the Roth IRA contribution limit, the backdoor Roth IRA is a legitimate strategy worth knowing about. Craig walks through how it works step by step: making a non-deductible Traditional IRA contribution, converting it immediately to Roth, and avoiding taxable gain in the process. He also explains the pro-rata rule and why having old pre-tax IRA money in the picture can be a problem and what to do about it.