Did you know that there's a remarkable strategy for high-income taxpayers to access the tax advantages of a Roth IRA without being hindered by income restrictions? The 'Backdoor Roth IRA' presents retirement planners with a solution to leverage the benefits of Roth IRAs in an IRS-approved manner, circumventing income limitations.

Here's a step-by-step breakdown of how you can make the most of a Backdoor Roth IRA conversion:

1. Fund your Traditional IRA:  
You can fund an existing or new traditional IRA for this first step.

2. Convert your traditional IRA money to a Roth IRA: 
With the guidance of an IRA administrator (or a financial advisor) you can complete this step and move money into a Roth IRA. You will receive the paperwork and instructions on this step from your financial advisor.

3. Know your Taxes:
You will be taxed when there is a taxable event, and your financial advisor will be able to help you estimate your tax bill. Only post-tax dollars move into Roth IRAs. When it comes time to file your tax return, be prepared to pay income tax on the money you converted to a Roth.

4. Prepare to pay taxes on the gains in your traditional IRA:
This is where moving quickly from a traditional IRA to a Roth can be to your advantage. Money moves can occur as quickly as the following business day so that gains are not accumulated within the traditional IRA before they are converted to a Roth IRA. If the money in that traditional IRA has been there awhile and there are investment gains, you will owe tax on those gains at tax time
In the end, by utilizing this backdoor entry into a Roth IRA, smart retirement planners can work towards having a healthy savings set aside in this key retirement account.