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Both the backdoor Roth IRA and the Mega backdoor Roth IRA are both retirement accounts, but there are a few key differences. The backdoor Roth IRA has a contribution limit of $7,000 (or $8,000 if ...
The first step to saving for retirement should be putting enough money in an employer sponsored 401(k) plan, if you have access to one. Take advantage of any matching employer contributions.
The author of the original post says that their employer allows them to split their retirement contributions between a pre-tax IRA and a Roth IRA, (they also said there is an after-tax option, but ...
In order to move to a mega backdoor Roth IRA, Motley Fool recommends first maxing out your other retirement savings options. For 2023, you can contribute the maximum pre-tax $22,500 per year to ...
Ideally, to implement the backdoor Roth strategy you’d contribute to an empty traditional IRA – the only one you have – to avoid extra tax complications for the conversion.
If you already have a Roth IRA, you can also use that account to hold the converted account. (Here are some of the best places to open a Roth IRA. Contact your plan administrators.
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