How to save $69,000 with the Mega Backdoor Roth IRA. The contribution limits for a 401(k) as an employee are $19,500 for 2021 and $20,500 for 2022. The Roth IRA has a maximum contribution limit of $6,000 for 2021/2022. Using this tax loophole savings plan strategy can help you save way more than these two contribution limits.
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I have a question on the backdoor ROTH IRA. Is it true that if I put post-tax money into a Traditional IRA and move it to a ROTH IRA, I again need to pay tax on the $6K I put in. I was told by my broker that this is the case. Does not make sense as I am taxed twice.
Great video! Do I have to max out the first 19k (in 2019) before I can contribute after tax/non-Roth $?
If you put money into the after-tax bucket and then roll it into roth 401k or outside to Roth IRA, then you do have to pay tax on earnings it makes in the meantime. That’s why you want to make the conversion very quickly. Correct?
Yes, I really enjoy your videos. They are very informative. Thanks!