What do you do if you get locked out of the front door of your house? Simple: you check the back. You can use the same tactic with Roth individual retirement accounts (IRAs).
The IRS sets income limits for Roth IRA contributions that may disqualify certain participants—in essence, locking the front door. But according to Andrea Osorio, senior wealth advisor at Citi Personal Wealth Management, there’s a legal way to get around these regulations: a simple tactic known as a backdoor Roth IRA.
