Part 5/10:
Despite contribution limits, there's no cap on the amount you can convert from a traditional IRA or 401(k) to a Roth IRA. This process is often referred to as a "backdoor" Roth IRA. Essentially, individuals can contribute to a traditional IRA (even if they’re above income limits), and then convert those funds into a Roth IRA.
This strategy is particularly advantageous for those who earn too much to contribute directly to a Roth. By making a non-deductible contribution to a traditional IRA and then converting, high-income earners can effectively access Roth benefits.