A Back Door Roth IRA is a tax planning strategy that has been used by wealthy taxpayers.
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A "Back Door" Roth IRA is a tax planning strategy that has been used by wealthy taxpayers. Some of these taxpayers have been able to amass what are referred to as Mega Roth IRA's, which are worth billions of dollars, despite restrictions on contributions that are supposed to prevent use of Roth IRA's by high income taxpayers. Income accumulates tax free in these Roth IRA's and any withdrawals are also tax free. Do an internet search and prepare a Tax Memo that describes how this strategy works and what Congress is considering doing now to limit or eliminate the strategy.
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