Mega Backdoor Roth

#88: Have you maxed out your backdoor + mega backdoor Roth conversions yet?For high earners, direct contributions to a Roth IRA, and tax-deductible contributions to a traditional IRA, are limited by income thresholds.But ALL taxpayers – even high earners – can still invest money into a Roth via backdoor Roth conversion. And if your employer’s 401k has the right plan features, you can turbo-charge your Roth conversions another 7x by doing the “mega backdoor” Roth conversion.What the heck do these mean? And how exactly do you do them?This week, I share what these concepts are, tips for how to execute them successfully, and what you need to know about your employer 401k to turbo-charge your Roth conversions.I explain:The difference between a backdoor Roth vs. mega backdoor RothHow to execute each one + tips to ensure no tax liability when you convertWhat plan features your employer 401k must have to do a mega backdoor RothWorkaround if your employer 401k does NOT allow in-plan Roth conversions, but DOES allow after-tax contributions (yes, you can still move that money into Roth)How recent proposed legislative changes would curtail the backdoor Roth strategy, and whether you need to worry about itA note about doing mega backdoor Roth conversions via Solo 401k.Check it out here:https://hackyourwealth.com/mega-backdoor-rothHave you done a backdoor or mega backdoor Roth conversion before? If you’ve decided not to, what dissuaded you? Let me know by leaving a comment.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsOvercastSpotifyStitcherI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Related links:Traditional vs. Roth? How to double-dip on the tax benefits of BOTHWhat is a Solo 401k? And Why It Beats All Other Retirement AccountsEverything you need to know about 401Ks (HYW003)IRAs, Roth IRAs, and how to get the tax benefits of BOTH (HYW004)Schedule a private 1:1 consultation with meHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.