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Whether you convert after-tax workplace contributions to a Roth 401(k) or Roth IRA, there would be no taxes except any earnings on the contributions. ... Whether mega backdoor Roth conversions are ...
A mega backdoor Roth is a strategy that allows individual investors to contribute more to a Roth IRA and/or Roth 401(k) than the standard contribution limits. It can also be beneficial to those ...
For a mega backdoor Roth IRA no taxes are owed on the after-tax contributions when they are converted to a Mega backdoor Roth IRA. Backdoor Roth IRA vs. 401(k) There are key differences between a ...
For 2023, total mega backdoor Roth 401(k) contributions are capped at $66,000 for people younger than 50 years old. For people 50 and older, the limit is $73,500 per the Motley Fool.
In short, doing a mega backdoor requires you to make after-tax contributions to a 401(k) and then convert them to your Roth 401(k) or to a Roth IRA. However, it depends on what your workplace ...
Make mega backdoor Roth conversions. ... It requires you to make after-tax contributions to a traditional workplace retirement plan, such as a 401(k), and then convert them to a Roth.
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277 W. Nationwide Blvd, Columbus, OH · Directions · (614) 227-5725