Follow these easy step-by-step explanation with screenshots when you enter the 1099-R form for your mega backdoor Roth into TurboTax.
How To Report 2022 Mega Backdoor Roth In H&R Block (Updated)
Follow these easy step-by-step explanation with screenshots when you enter the 1099-R form for your mega backdoor Roth into H&R Block tax software.
How to Enter 2022 Mega Backdoor Roth in FreeTaxUSA (Updated)
Follow these easy step-by-step explanation with screenshots when you enter the 1099-R form for your mega backdoor Roth into FreeTaxUSA.
What If Congress Bans Backdoor Roth in 2022?
Congress is considering banning backdoor Roth and mega backdoor Roth. Do these to catch the last opportunities in 2021 and 2022.
401(a) Plan Contribution Limit
A 401(a) plan allows additional contributions on top of 401(k), 403(b), and 457 plans.
Mega Backdoor Roth: Convert Within Plan or Out to Roth IRA?
When your 401k-type plan allows non-Roth after-tax contributions, you can take the money out to a Roth IRA or convert to Roth within the plan. Either way works.
Executing Mega Backdoor Roth In Solo 401k
Executing a mega backdoor Roth in a solo 401k require these steps: elect contribution, make contribution, make distribution, issue 1099-R.
Mega Backdoor Roth In Solo 401k: Control Your Own Destiny
You can add after-tax contributions and in-service distribution to your solo 401k if you get your own plan document. It costs less than you think.
Mega Backdoor Roth and Access To Your Money Before 59-1/2
You still have good access to your money before age 59-1/2 when you do the after-tax 401k or 403b rolled over to Roth IRA.
Mega Backdoor Roth Without a Big Paycheck
You can still take advantage of non-Roth after-tax 401k or 403b contributions even if it will make your paycheck very small.
Mega Backdoor Roth Without In-Service Distribution
Even if your plan does not allow in-service distributions, chances are you should still make non-Roth after-tax contributions. Just wait until you change jobs and roll them into a Roth IRA.
The Elusive Mega Backdoor Roth
If your 401k/403b plan cooperates, you can put up to additional $35,000 per year into your Roth IRA. Find out if you are lucky or not.