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Transcript
00:00If you're an IRS agent, please explain this to me because I'm confused. In 2022, the government did
00:05not want you to have a Roth IRA if you made $144,000 a year or more because you exceeded the
00:10income limit and you were considered too rich. Now, in 2023, they're updating this number to
00:15$153,000 a year to account for inflation, which sounds like a good idea, except it doesn't make
00:21any sense because the income limit was never a problem because there's a loophole that still
00:26exists to this day called the backdoor Roth IRA. And what it does is it allows anyone who makes
00:31billions and billions of dollars to create a traditional IRA to contribute to it, then skip
00:36the income deduction and convert it to a Roth IRA, making the income limit completely pointless.
00:41So why would the IRS bother changing such a pointless number? I don't know.
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