✅ School of Personal Finance
In 2022 you can get $61,000 into a Roth account through a Mega Backdoor Roth 401k. That is amazing. Hopefully, your employer has what it takes to get it done.
In this video, I explain what a mega backdoor Roth conversion is, what your employer needs to get it done, and the steps to complete the conversion.
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LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Fidelity also does a back door for pre tax to Roth. The money only sits in a tax situation for one day…at least that’s how I understand it.
Had to watch it two times to get it again
Does the WASH SALE RULE apply to Roth conversions? With the market being down, now is a good time to convert. However, for example if you convert from a Traditional IRA to a ROTH IRA, assuming you are selling out at a loss currently, can you turn around and convert to ROTH and buy right back into the same fund in your ROTH? Or do you need to wait the 30 day waiting period?