53 Non Deductible IRA contributions and Roth conversions in 2024

Описание: Download Checklists and Flow Charts: https://app.precisefp.com/w/divose
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Dan Lohmar, CFP professional at United Wealth Management, discusses non-deductible IRA contributions and Roth conversions in 2024, specifically tailored for pilots at United Airlines in the PRAP. United Wealth Management specializes in PRAP management and financial planning for pilots at United Airlines.

He explains how pilots can maximize their retirement savings by contributing to traditional IRAs, even when their income exceeds the limits for deductible IRA contributions or direct Roth IRA Contributions. Dan outlines the process of making non-deductible contributions, converting them to Roth IRAs (known as a backdoor Roth IRA), and highlights the importance of understanding the "pro-rata rule" to avoid unnecessary taxes. He also touches on how to handle existing traditional IRA balances and the potential benefits of rolling these into employer-sponsored plans like a 401(k). The video provides valuable resources, including checklists and flowcharts, available on their website for further guidance. Dan emphasizes the importance of consulting with a financial advisor or CPA to ensure the strategies are applied correctly to individual circumstances.