@stepsandstocks: If you aren’t too much money to contribute to a Roth IRA, then consider doing a backdoor Roth IRA. The process is simple, but due to the pro rata rule, you may want to avoid this if you already have money in a traditional IRA. 1. The first step is to make sure you have a Roth IRA in traditional IRA open. 2. Next, you will make a non-deductible contribution to your traditional IRA, than immediately convert that money to a Roth IRA. 3. Once the funds have been transferred make sure to invest that money. 4. When filing your taxes the following year, make sure that you report that non-deductible contribution on tax form 8606. ##financialliteracy##investing101##rothira##investingforbeginners##retirementplanning

Nichole | Steps & Stocks

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Friday 19 September 2025 19:14:14 GMT