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What You'll Learn In Today's Episode:

  • Requesting tax returns and reviewing them is crucial for accurate reporting in backdoor Roth contributions.
  • Clear communication and reporting between advisors and tax preparers is essential to avoid mistakes and double taxation.
  • Tracking basis and understanding IRA accounts are important for effective backdoor Roth contributions.
  • Having a process and checklist and avoiding overreliance on financial planning software can help ensure accurate and successful backdoor Roth contributions.
  • Consistent communication with clients and using consistent terminology can improve understanding and execution of backdoor Roth contributions.
  • Managing all accounts and assets and staying proactive in tax planning can lead to better outcomes for clients.
  • Taking action, such as reviewing tax returns and staying updated on resources and education, is crucial for advisors in implementing backdoor Roth contributions.

In this podcast episode, Matt is joined by Steven Jarvis from Retirement Tax Services (RTS) to discuss a commonly misunderstood tax strategy and how you can add value to your clients through tax planning. Through talking about a critical tax strategy involving backdoor Roth contributions, they stress the importance of correctly reporting on tax returns and highlight common mistakes, such as errors in the 8606 form and issues when clients change tax preparers.

The conversation explores pitfalls in the backdoor Roth process and the need for a proactive advisor.  Steven also warns against relying solely on software tools and why they require a knowledgeable operator. They also discuss the importance of managing all client accounts for optimal communication and the successful execution of complex strategies like the backdoor Roth.

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