Unlock Tax-Free Retirement with the Backdoor Roth IRA | Locum CPA Podcast

In this episode of the Locum CPA Podcast, Stephen Lee, a CPA based in Chicago, Illinois, explains the Backdoor Roth IRA—a powerful strategy for high-income earners, including locum medical professionals, to achieve tax-free growth on retirement investments. Stephen breaks down the straightforward steps to set up a Backdoor Roth IRA, key considerations like the pro rata rule and contribution limits, and the numerous benefits such as no required minimum distributions (RMDs) and tax-free withdrawals during retirement. Don't miss out on maximizing your financial goals with this essential tax hack!

00:00 Introduction to Tax-Free Retirement Income

00:18 Understanding the Backdoor Roth IRA

01:33 Steps to Set Up a Backdoor Roth IRA

04:04 Key Considerations and Pro Rata Rule

04:42 Contribution Limits and Benefits

06:53 Conclusion and Final Thoughts

How to Start and Operate Your Locums Practice: https://thelocumcpa.com/free-ebook/

🔔 Subscribe for more tips and strategies tailored for healthcare professionals!

The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.