[Series 65] 53, Traditional and Roth IRAs

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That Traditional IRA deductibility is determined by income only if the individual is covered by a workplace retirement plan. - How Roth IRA contribution eligibility is based entirely on Modified Adjusted Gross Income (MAGI), regardless of workplace plan coverage. - The mechanics of a Backdoor Roth IRA, a strategy for high-income earners to fund a Roth account via a non-deductible Traditional IRA contribution and subsequent conversion. - That converting pre-tax Traditional IRA funds to a Roth IRA is a taxable event in the year of the conversion. - That the annual contribution limit is an aggregate limit that applies across all of an individual's Traditional and Roth IRAs combined. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep