In this video I’m talking about the Mega Backdoor Roth IRA for 2021 and going beyond with additional Roth IRA savings. You may be able to really get a ton more into your Roth IRA than you thought possible. The maximum contribution to a retirement plan maxes out at $19,500 but you could get up to $58,000 using this strategy but that’s only part of it.

The self employed or small business owner may have a better chance of using this mega backdoor Roth IRA strategy with a solo 401k but you may be able to do with your retirement plan at work.

The first type of strategy is using an in-plan-conversion where you go from the traditional side of the 401k or other retirement plan to the Roth 401k side. The in-plan-conversion would count all the pre-tax and growth associated with the plan as a taxable event.

However, if you use a non-deductible contribution and a plan distribution or rollover you may be able to avoid taxes while still getting the money into the Roth IRA.

The rules for the Mega Backdoor Roth IRA, contributions, and conversions all require that the correct steps be taken to accomplish this post tax strategy.

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TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

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