Why the Wealthy 1% LOVE the Mega Backdoor Roth!
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I was listening to your Podcast on Youtube about the Mega Back Door Roth.
I liked the fact that you mentioned the 415 limit. Most Podcasts don’t even talk about it or know what it is. So kudos to you. As a Third Party Administrator my clients ask me this question all the time. However under flow chart, you missed a very important point. Just because your plan allows in-service distributions doesn’t mean you can access the After Tax Money at any time. IRS Notice 2014-15 states that in-service distributions may have to be taken out on a prorated basis. Thus with every distribution you may have to take out some principal and some interest. The IRS did this so people cant do a FIFO/LIFO distribution and avoid the taxes. Perhaps you can cover this on another show.
Has the government given up on killing this yet?
i just found out about this and gosh i wish i have done it earlier in my 30s! we are still young so it's not too late!
You don’t have to be rich to do it if you’re into investing.?
Just took advantage of this last month… my plan actually allows AUTOMATIC Roth conversions of after tax dollars. It makes it so easy!
If I’m not mistaken, it’s 415c limit of 61k per employer plan. so if you have multiple employers who allow this, you have more than 61k to play around with
I love my mega backdoor Roth! I hit mine hard early this year just in case the Build Back Better bill comes back which plans to get rid of it.
BTW, I am far from the 1%
Does this Roth chick have a website?