Backdoor Roth conversions may be going away: What this means for physicians
Even though their incomes often exceed the phaseout threshold for funding Roth IRAs, physicians have been utilizing loopholes in the tax code to fund Roth IRAs for the past decade or more. Converting IRA funds to Roth IRA funds allows a taxpayer to change a tax-deferred IRA to a tax-free Roth IRA. In doing so, the taxpayer must pay taxes on the balance of the account that is …