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If you have a Roth option at work, you may be able to convert after-tax amounts from your traditional 401(k) directly to your Roth 401(k), known as an in-plan Roth conversion.
With a mega backdoor Roth, you'll take advantage of a little-known rule in the IRS code that specifies the limit for total contributions to a 401(k) (or other defined contribution retirement plans).
A mega backdoor Roth is a strategy that lets investors — who normally couldn’t add to a Roth account due to their high income or contribution limits — move specific 401(k) contributions into ...
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. This is the ...
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.
Make mega backdoor Roth conversions. If you have a workplace retirement account, you may be able to put additional funds in a Roth using a mega backdoor conversion strategy.