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Any thoughts on ARKK and MGK ?
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Any thoughts on ARKK and MGK ?
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Chief
It’s for anyone who makes more than the limit to contribute to it the normal way. You’re so far above that limit, I honestly imagine it’s not worth your time for the $6k per year. I mean, not literally; it doesn’t take much time so, sure do it or pay someone to do it for you. But $6k is couch cushion change at your income level.
Mega backdoor, which is another $40k per year, is worth looking into if your employer supports after-tax 401(k) contributions.
Similar HHI (700+). Back door Roth every year. It’s basically no effort at all . Maybe 1 hour each January for the entire process (ie, contribute to traditional, fill out the paperwork to convert a few weeks later). Never understood why people who have excess cash don’t backdoor Roth. The same money would just be plowed into my brokerage account otherwise. Why pay more tax than necessary?
What paper work are you filling out. I click the convert button on my computer.
We are about there in HHI and don’t bother with the backdoor Roth. My employer doesn’t offer post tax 401k for the mega backdoor and my husband is self employed. We funnel a lot of savings into the tax advantage accounts we have easily available to us (401k and other deferred contribution plans for my work, SEP IRA for husband, 529s for kids) and then invest in index funds, max out ESPP, managing investment properties… I think worth looking at your overall portfolio and determining what’s worth the effort to you.
Anyone else immediately think “back door roths 9” and South Park or am I the only child here?
It makes sense when your income is too high for a regular Roth IRA contribution. No idea what matches at work have to do with it. I assume that is for 401k, which has nothing to do with backdoor Roth IRA.
A one page form I complete and scan to TD securities
I hope to one day achieve 700k HHI. 🤣
Thanks all, helpful. One question. I have some money sitting in an old traditional IRA, what is the process to convert that? Or should I just start with new after tax dollars and convert.
Great thanks. Timing may be good on minimal gains hah, should have done this a month ago