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My employer offers a mega backdoor Roth IRA — how can we maximize our contributions? ... January 11, 2025 at 11:30 AM. Figuring out how to save for retirement can be confusing and frustrating.
Everyone qualifies to make backdoor Roth IRA contributions using after-tax funds you contribute to a traditional IRA and then roll over to a Roth IRA. Note that the pro-rata rule also applies here. 3.
Enter a mega backdoor Roth. Using the mega backdoor Roth strategy, investors can potentially contribute an extra $46,000 to a Roth IRA and/or Roth 401(k) in 2024.
In order to move to a mega backdoor Roth IRA, Motley Fool recommends first maxing out your other retirement savings options. For 2023, you can contribute the maximum pre-tax $22,500 per year to ...
The key component of a mega backdoor Roth IRA plan is dependent on two factors: 1) You are in 401(k) plan that allows after-tax contributions and in-service distributions or rollovers to either a ...
A mega backdoor Roth is designed for 401(k) savers who want to enjoy Roth account tax benefits. Learn how a mega backdoor Roth rollover works.
2025 tax year. Roth IRA income and contribution limits are increasing for the 2025 tax year. Tax filing status. Modified adjusted gross income (MAGI) ... What is a backdoor Roth IRA?
The Roth IRA is a gift from the U.S. government that can elevate investors beyond taxes to retirement riches. ... the 2025 phase-out range is $236,000 to $246,000. ... A mega backdoor Roth IRA ...