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Missing any investment opportunities?
Posted on 10/18/23 at 7:46 pm
Posted on 10/18/23 at 7:46 pm
Have been reading more about mega/backdoor roths and still have no damn clue how I can use them/how to do if. I invest about 50k/year into a solo 401k and then probably another 50k/year into non-qualified investment accounts. Am I missing something with mega/backdoor roths?
5
Posted on 10/18/23 at 8:32 pm to TheOcean
LINK to how it works for Solo 401k
I love a good Roth like everyone else, but pre-tax savings in the 32% tax bracket or higher is really hard to pass up, particularly if you’re investing the 32%+ tax savings in non-qualified growth stocks.
I love a good Roth like everyone else, but pre-tax savings in the 32% tax bracket or higher is really hard to pass up, particularly if you’re investing the 32%+ tax savings in non-qualified growth stocks.
Posted on 10/18/23 at 8:36 pm to TheOcean
You need to check with your HR department and see if it’s available.
If it is you simply need to call up the your retirement administer….like a fidelity or Schwab and they can walk you through it.
I work for a large company that does allow for Roth In Plan conversion…my company uses Fidelity. When I set mine up it was just a simple phone call and voila it was in place
First step for you just contact HR and if they don’t know for sure then call your 401k administer.
Good luck!
If it is you simply need to call up the your retirement administer….like a fidelity or Schwab and they can walk you through it.
I work for a large company that does allow for Roth In Plan conversion…my company uses Fidelity. When I set mine up it was just a simple phone call and voila it was in place
First step for you just contact HR and if they don’t know for sure then call your 401k administer.
Good luck!
Posted on 10/18/23 at 8:39 pm to TheOcean
Also btw the most you and your company can contribute to your account in 2023 is $66000 in total.
That’s it and that’s all.
Fidelity or your administrator should auto stop withholding if you get to that level to avoid and penalties or tax implications
That’s it and that’s all.
Fidelity or your administrator should auto stop withholding if you get to that level to avoid and penalties or tax implications
This post was edited on 10/18/23 at 8:40 pm
Posted on 10/19/23 at 11:11 am to slackster
Thanks for the advice slackster/Mason -- figured there isn't much more I should do
Posted on 10/19/23 at 4:41 pm to TheOcean
quote:If you can pick the next crypto at $1 which will check-in at $30000 in 15yrs, that's the $10K investment to do within a Roth.
Missing any investment opportunities?
Have been reading more about mega/backdoor roths
Posted on 10/22/23 at 11:04 am to TheOcean
Talk to HR. They’ll let you know if you can do a Roth In Plan Conversion and it can get set up with a phone call.
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