Roth vs. after-tax 401(k) If you decide to rollover your after-tax contributions to a Roth IRA, there is a way around the five-year withdrawal waiting period. While you can’t open a Roth IRA directly if your income is too high – 2024 limits are $161,000 if filing single or $24...
About 20% of company plans offered after-tax 401(k) contributions in 2021, according to the Plan Sponsor Council of America. You can use after-tax 401(k) deposits to kickstart the “mega backdoor Roth” strategy, which includes paying levies on growth and moving the funds for future ...
More options for income tax planning in retirement Main drawbacks of taxable accounts No tax deduction for contributions Account does not grow tax-deferred Detailed look: investing outside of retirement accounts With a 401(k), IRA, or Roth IRA, there are limits as to when you can use the fu...
Your tax bill isn't chiseled in stone at the end of the year. Here are 10 tax tips and steps you can take after January 1 to help you lower your taxes, save money when preparing your tax return, and avoid tax penalties.
In addition to my pension, I have a managed 457, which is essentially just like a 401k account. It's an account that I put money in. Our new union contract now stipulates that my department will match up to 3% of my contributions, so yay for that. Free money. A...