Sentences with phrase «backdoor method»
The phrase "backdoor method" refers to a way of doing something secretly or dishonestly, usually by bypassing the normal or official procedures. It involves finding an alternative or hidden way to achieve a goal without others knowing. Full definition
«Anyone who now wants to find some sort of backdoor method to bring something in that is not first past the post will be seen to have snubbed the clear wishes of the electorate,» he said.
theguardian.com
I do this all the time, but sadly they can be expensive if you don't know the backdoor method.
Great point on existing IRAs for backdoor method.
Known as the backdoor method, there's an IRS rule that essentially says you can contribute to a traditional IRA and immediately recharacterize the account as a Roth IRA, regardless of your income.
This means you may have to pay tax on the Roth conversion when using the backdoor method, even if the account you're converting has never had any deductible contributions or investment earnings.
TRA: Can not make deductible contributions due to AGI limits but this year I maxed out 2016 TRA limits even though it is non-deductible and then converted it to Roth IRA using the backdoor method.
If you've got a big traditional IRA lying around though, this backdoor method won't work since non-dedutible and deductible contributions are all treated as a single account.