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A mega backdoor Roth is a strategy that allows individual investors to contribute more to a Roth IRA and/or Roth 401(k) than the standard contribution limits. It can also be beneficial to those ...
To sum up, with a mega backdoor Roth, you can contribute up to an additional $46,000 for retirement in 2024. That’s on top of your regular plan limits of $23,000 or $30,500 if you’re over 50.
All told, if you can access the mega backdoor Roth, you could add as much as $46,000 to your retirement accounts in 2024. That can go a long way toward a comfortable retirement. The benefits of ...
Feature. Backdoor Roth IRA. 401(k)plan. Contribution Limit for 2024. $7,000 or $8000 (if 50 or older) $23,000 for employee $69,000 for employee and employer
For 2024, the limit is $7,000 or $8,000 if you’re over 50. ... Make mega backdoor Roth conversions. If you have a workplace retirement account, you may be able to put additional funds in a Roth ...
For 2023, total mega backdoor Roth 401(k) contributions are capped at $66,000 for people younger than 50 years old. For people 50 and older, the limit is $73,500 per the Motley Fool.