also in 2023, the value grew to $6,700. You have no other traditional, SEP, or SIMPLE IRA after you converted your traditional IRA to Roth. You did not roll over any pre-tax money from a retirement
Hi Harry, do you have a spreadsheet to calculate the maximum contribution to a mega backdoor Roth? Am I correct that it’s (annual maximum employer and employee 401(k) contribution limit) – (maximum employee contribution limit – employer match)? So for me for 2023, if my employer match...
This is the preferred backdoor Roth strategy for investors, with many contributing the maximum limit and rolling it over the same day on a yearly basis. Make a new after-tax contribution to a 401k and roll it into a Roth account: Only applicable if your employer allows for after-tax ...
A backdoor Roth IRA really is that simple. Which makes the rest of this post rather amazing actually. But sad experience has convinced me that this post must be written. Perhaps the biggest mistake is not doing your Roth IRA through the backdoor when your income was so high that you had...