ok this is my passion: helping people avoid taxes what would you recommend as introductory reading for someone who doesnt know much about retirement planning and 401(k)/IRA/related vehicles?https://twitter.com/jerry_dot_ai/status/1419858141018165248 …
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Replying to @eigenrobot
need a good way to determine traditional vs. Roth 401(k) split. or should I figure out what a backdoor Roth is?
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Replying to @UnfinishedOwl @eigenrobot
Backdoor roth is for people who don’t have a roth option in their plan at work and who have too much income to do a regular Roth IRA contribution. If you can make Roth contributions in your 401k, no need to backdoor. 401ks allow for more contributions anyway.
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Replying to @SobchekSecurity @UnfinishedOwl
megabackdoor is different I think
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Replying to @eigenrobot @UnfinishedOwl
Oh gotcha, didnt know you were talking about mega back door. Those are more restrictive as you usually have to be over 59.5 because that age is usually required to do an in-service withdrawal from your plan while you’re still working there.
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Replying to @SobchekSecurity @UnfinishedOwl
I don't understand exactly how it works, but I'm in my 30s and just click a box after selecting a 401(k) after tax contribution amount and it automatically converts it the day it's deposited
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Replying to @eigenrobot @UnfinishedOwl
They allow you to go up to the $58k limit in aftertax and then it converts it to Roth automatically?
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Replying to @eigenrobot @UnfinishedOwl
Hmm, I haven’t seen that before. http://IRS.gov has the annual Roth 401k limit at $19,500 for people under 50. Most likely they are commingling your after-tax with your Roth. I could be mistaken though.
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