Do you know how to take full advantage of your 401(k)? Many companies now offer the ability to make after-tax 401(k) contributions that can then be converted to the Roth 401(k).
Watch this video to learn more!
Want to talk about how to implement this into your financial plan? Let’s connect!
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If you work at Amazon, Microsoft, F5, Facebook or any other company that offers the after-tax 401(k) make sure you know the rules and take advantage of it!
All solo 401K can. Self employed have all the options.
I have rolled over my 401k after-tax dollars to my Roth Ira successfully. The rollover show up as "rollover contributions" in my Roth IRA 5498 form. Can these rolled over contributions (from my 401k after tax now in my Roth IRA) be withdrawn as cash from my Roth IRA without incurring any penalties or tax consequences? Also, I am referring to the contributions only (not the earnings). Thank you very much in advanced!!!
Great information. My company offers after tax contributions and they also match it. My question is do I have to pay taxes on after tax 401k employer match later on ? (I did the automatic Roth in plan conversion )
does the TSP gov 401K allow "after tax" contributions ?
I have a SEP IRA. I also make over $150,000 a year total with my business and outside income not related. Am I eligible to still contribute to the Roth if I’m single and make over $150,000 a year? How would I structure it if I’m the single member of my LLC? Thanks.
Hi! Thanks for the video. I have a question: in the 57k limit do you need to consider the 6k contributed to the Roth IRA account?
Aren't the 'Earnings' on this still taxable as ordinary income when you withdraw after retirement? Meaning the Earnings grow 'tax-deferred' not 'tax-free'.
Only the contributions can be converted to Roth-IRA tax free.
Am I understanding this right?
As providers, Fidelity, Vanguard, and Schwab are three that I know support After-tax 401k as long as the employer’s plan allows it. I know Fidelity supports the auto-sweep you mention into Roth. Even without that, the funds can be rolled into a Roth IRA for the same effect.
But you have to apportion all distributions between before tax and after tax contributions by basis.
good info sir. please also mention that some companies do not offer this automatic conversion. BUT if they do offer 'in service distributions' you can convert the after tax money to a Roth IRA. I do this monthly. thanks
Have it at FedEx Express. Did 19.5k plus 2.5k match. Another 20k in after tax 401k.
Thank you for the help Alan!
I am 27 and trying to save up for a downpayment for a house with no debt (just rent and bills). Would you recommend to maximize my after tax Roth 401k or save up for that Dow payment first? Thanks in advance !
Best video about what exactly is a mega backdoor Roth. Thanks!! (When I called fidelity and told them I wanted to do mega backdoor in-plan conversion, the agent still asked me whether I want to convert to Roth 401k or Roth IRA. I have been scratching my head on what should I do and this video is very helpful. Now I know I want to convert to Roth 401k.
Does the aggregate IRA rule apply to post tax in plan Roth 401k conversions? (In case one has a separate traditional IRA created by roll over of previous 401ks)?
FedEx also offers it
+Charter