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The Mega Backdoor Roth is an incredibly powerful retirement savings tool for H1B visa holders in the United States. It allows you to contribute up to $37,500 in after-tax dollars to a Roth IRA in 2021. Here are 10 facts about the Mega Backdoor Roth for H1B visa holders in 2023.

1. The Mega Backdoor Roth is available to H1B visa holders who are eligible to participate in their employer’s 401(k) plan.

2. The maximum contribution in 2023 is $37,500, which is the same as the 2021 limit.

3. The contribution must be made in after-tax dollars, meaning that the money is already taxed when it is contributed.

4. The money can then be converted to a Roth IRA, which is a tax-free account.

5. The money in the Roth IRA can be withdrawn tax-free after age 59 ½.

6. The Mega Backdoor Roth can be used in conjunction with the traditional 401(k) and other retirement accounts to maximize retirement savings.

7. The Mega Backdoor Roth is not subject to the income limits that apply to Roth IRAs.

8. The Mega Backdoor Roth can be used to save for retirement in addition to other investments.

9. The money in the Roth IRA can be used for qualified education expenses without penalty.

10. The Mega Backdoor Roth is a great way for H1B visa holders to save for retirement and other long-term goals.

The Mega Backdoor Roth is an incredible tool for H1B visa holders in the United States. It allows them to save up to $37,500 in after-tax dollars that can be converted to a Roth IRA and used for retirement and other long-term goals. With careful planning, H1B visa holders can take advantage of this powerful retirement savings tool in 2023.