Can someone at PwC explain to me the steps to create a Roth IRA and how do I invest using the back door process? For context I max out my 401K for the year and have exceeded the salary requirement to be eligible for Roth IRA ( make more than $160K). I would definitely buy you a drink 😄.

like
Posting as :
works at
You are currently posting as works at

Contribute to post tax in our plan, then request an in service distribution of just the post tax portion, and distribute it directly into your Roth IRA, you will have to pay taxes on any investment gains you are rolling over, but you may be able to contribute and not invest immediately im not sure

like

Thanks..I’m using fidelity as my investment account..how do we do transfer? Do i need to call fidelity help desk?

And I would open a Roth IRA at fidelity and they would distribute it to that account? Or would it stay within PwC

Accounts at TD Ameritrade and Merrill also qualify for electronic rollovers. TD is kind of a pain because you have to fill out a submit a form to have them classify the transfer as a Rollover instead of a current period contribution.

Are you talking about a backdoor Roth IRA or a mega backdoor with your employer plan. They are completely different

I assumed so but they said backdoor. Just wanted to makes sure everyone was discussing the same thing to avoid confusion

@M1 : is there any benefit in this? Because technically I am not going to make as much money as I do today, when I retire. I am currently in 30+% tax bracket. Would it make more sense to just invest in ETFs and pay taxes when I withdraw when I retire.

If your choice is Roth vs taxable, Roth always wins. Roth vs traditional depends on future tax rates

like

Is there a salary requirement to make more than 160k to be eligible for mega back door?

No, there's no minimum salary required to do a megabackdoor Roth IRA. Your employee just has to allow post-tax contribution and in service distributions.

Related Posts

Offer included temporary housing and moving expense reimbursement…it’s been a month since I began working and 2 months since I started moving but still no reimbursement…should I escalate this? How long is too long?

like

Anyone work for Kraken? If so what are some pros/cons about the company? I work financial crime investigations, and had a recruiter reach out about a law enforcement production job. Opinions on salary, PTO, and other benefits would be helpful!

like

Using Robinhood to do some day trading. Bought a share of Amazon a few months back and have almost 30% ROI. Should I sell? It seems like it is too high right now and the bottom could fall any moment.

like

Question on after-tax contributions. I’ve recently upped my contributions to after tax through payroll (already maxing our 401k+contributing to traditional Ira to be converted to a Roth shortly contd

What are the benefits they provide if we have to work from office at Bangalore.

Question about solo/self-employed 401ks: If I create a sole-member LLC for a side business and create a solo/self-employed 401k, am I only allowed to make contributions from the earnings earned via the LLC? Or am I allowed to contribute money earned from a different source (ie W-2 job).

like

Wondering what the industry average is for a client facing support role to a 401k Advisor? We help with 80 401k plans with assets over $250 million. I have my series 65 license and I feel as if I am under compensated for my experience and being a licensed rep. I have been with the group for 2.5 years now. Thanks!

Can I purchase a property under mine and my parents name (on the deed) but only my name on the mortgage? Do I tell the seller this at the time of paying earnest money? How does this work?

likehelpful

How much is a good amount (% wise) to be putting into your pension pot? Would be good to hear at different salary brackets!

like

Is anyone aware of any healthcare / healthcare consulting companies based in the Bristol area (UK)? Thanks

Looking to get some more certifications under my belt so I can grow my career. What certifications are recommended for becoming a more knowledgeable healthcare consultant, and what certifying body/program would you suggest I do it with? Looking for any/all options that are most desired in today’s market

like

Saxo bank opening

Post Photo
like

Is Bitcoin about to fall below 30k or rally back above 40k. Vote below 🔮

likefunny

Guys ..
When will final settlement take place? What will be the components of it?

like

Hi, I'm new to Dallas. Have been eyeing on rental investment in Dallas. Looking into Zillow, properties in Arlington seem to have good appreciation. Is it good idea to invest in Arlington? What other areas in Dallas can I consider (checked Carrollton, Plano, Coppell, Addison).
Thank you.

like

I’m starting the IVF process and planning to do my first egg retrieval in early June. I’m hoping to do back-to-back retrievals due to my age and hoping to have at least a few healthy embryos before we try our first transfer. I have Anthem BCBS has anyone done this and has insurance/fertility benefits covered it? Thanks!

like

Hi i lost majority of my money in the stock market. I married and promised my family that I will not make the mistake I made 7 years ago. Gambling. Is this an addiction I have. I keep selling stocks and taking loses buying other stock hoping it will recover but never did and sell again taking loses and buy again. It now sink in to me. I borrow personal loan hoping that the market will do k and I pay it back but I even lost that. I can't stop crying that I hurt the one I love the most my family.

like

Summer so it’s grill season! Looking to retire my old faithful Weber. Anyone try these ceramic/egg grills? Lowest price I saw is like $600 with the name brands almost $1k. Worth the price?

Planning on opening a Bonvoy boundless chase cc for the 75,000 points and have heard the first year is free. Is that right? If it is, do I still get the 75k? Are the 75k Chase points or Bonvoy points?

More Posts

Hello Folks,
Good Morning.

Can anyone help me as to how can I start having experience in SAP. All my professional years I haven't got a chance to have a hands on experience but want to get an understanding of SAP.
Can anyone please help me with the same ?

Made an "insensitive comment" at the office today. Said, James Bond can't be a woman if James Bond is a guy. Psyching myself for the upcoming HR classes.

funnylikeupliftingsmart

Why do clients always think I should be able to double their ROI right away... it takes time folks, and putting extra pressure on the marketing team does not make us faster

like

I rearrange my home office several times a year. Idk why but every 4 months I need to change it up. Anyone else do this?

like

How do referrals work? Do you apply first or wait for the referral, then apply? Looking for a tiktok referral.

like

My pie day pie (belated!) Ina Garten’s chocolate banana cream recipe. My first time ever making a pudding. I have to say it was amazing to go from muttering “oh shit” for a solid 20 minutes of mixing the eggs/milk too aggressively into a foam and finally seeing it condense into pudding. Deffo recommend trying it!

Post Photo
like

Top consulting firms for building mobile apps - IOS or Android?

like

Hi all,

Can anyone refer me in
consulting?

B.Pharm grad + MBA (new IIM) with 2.5
years of prior work ex in pharma R&D (Drug
safety/pharmacovigilance). Working as an
SAP consultant in Deloitte USI since Aug-2020.

like

Hiring Alert !! @KPMG
Skill - SAP ABAP, Fiori UI5
Exp - 4 to 6
Location - Bangalore
Immediate Joiners are preferred
Ping me if you are interested and meet the above criteria.

like

Is reaching out on Linkedin the best way to contact a recruiter, or should I look for their professional email?

like

Is Accenture canada expected to do layoffs?

like

Got an offer from talentica for around 11 lpa as a software developer.issue is they are giving 2 months to join whereas my notice period is 3 months.
Can someone guide me what to do?
Current ctc- 7.2 lpa
Total exp- 11 months

like

What's the salary range for D2 - Program Manager position in CG??

like

Been binge watching Chappelle’s Show on Netflix. Man that takes me back. The early 00s were great

like

Hi EY team! I am wondering for EY Strategy and Transactions Decision Modeling and Economics team, what is the title hierarchy? From Staff- Senior-?-?-? And if DME Senior 1 also has a huge bump in based pay if promoted to Consultant just like EYP? Thanks. EY

URGENT
Hi everyone! My brother recently moved to Pune and is looking for a place to stay. Actually he needs a place to stay for just 1 month. And no PG is providing him a room for 1 month. If anyone knows any such PG or guest house or anything that allows 1 month stay please let me know.
I'll be very thankful to you.

like

COVID 19 crisis should make all states compact for licensing. Precious time was lost while nurses who wanted to work waited for states to pass emergency laws.

like
like

Anyone familiar with the Read180 program? Curious what people think who’ve tried it.

like

Additional Posts in Personal Investment Chatter

What are the best platforms for investing in startups as a non-accredited investor? (E.g., pursuant to the JOBS Act and CF regulation)

like

Futures are crashing....with the fed slashing rates, I thought that would have the opposite outcome? I don’t fully understand the impact of that but I thought the market would be positive to that.

like

How much will someone get from a $5,000 referral bonus after taxes? Is there any way to minimize the amount it’s taxed? Work in VA and live in DC.

What do you think on buying JPM, WFC, C now?

like

Marcus just cut their APY rate to 1.55%, down from 1.7%.

Post Photo
like

Can someone share a Charles Schwab referral link?

likehelpful

New to investing. Looking for any/ all tips... book recommendations, YouTube videos on how to get started

like

Looking at re-financing my mortgage with 2 lenders and need some advice please!

Currently sitting at 3.625% on a $512,000 home loan that now sits at about $490,000.

Lender 1: loan for ~$490,000, paying down for a few points to 2.875% (apr 3.034%); cash to close $12,344, monthly payments reduced by ~$300
Lender 2: loan for $510,000 (bundling in some closing costs), paying for points to 2.99% (apr 3.278%); cash to close $7,315, monthly payments also reduced by ~$300

Which option is better??

likehelpful

Need help on how to invest. We are positioned to pay off our house later this year. Expect to work for another ~20 years. 401k fully funded and have some company stock investments maturing over the next few years, but no investments outside of that. Kids have a prepaid college plan for certain schools. Emergency fund is solid. Where should I look to start investing? I have fidelity for my 401k, would they be good to open a taxable investment account with, or are there better options?

likehelpful

Recommendations for best ways to save for retirement after contributing to 401k up to match and maxing out Roth IRA?

like

Are you investing today?

like

Anyone ever bought two adjoining townhouses and knocked down some of the non-load bearing walls between them to combine them into one bigger home? Ones you own of course, not rent, and assuming local town and HOA rules allow for it. Thank you!

like

Leave it to a 2% dip in a day to send people panicking lol

likefunny

considering betting a ton of money on tomorrow’s elections via “predict it”, as an emotional hedge. is this a stupid idea or a genius idea

like

I'm planning to purchase a home in the next 1-2 years as a first home buyer. My parents are currently refinancing their home and because they are close to retirement and have a smaller income, I'm planning to take out the mortgage under my name (won't be listed as the property owner). Would I still be able to get the benefits of being a first home buyer when that time comes? Or will the mortgage disqualify me? I recognize this isa unique situation, so it's been hard to find a clear answer online

like

Opened a Roth IRA account last year and put away a portion of $ each month to eventually reach $6000. This year thinking of plopping all $6000 there in Jan. What method do you all follow?

like

Mutual funds you have your eye on right now?

like

What are the best prep materials to prepare for the CFA Level 1? Looking for some recommendations.

like

Is it too late in our lives to jump into a mortgage?

So my fiancée and I are relatively late in terms of finally landing well paying jobs and being able to save money instead of living paycheck to paycheck. We’re both 36 and currently rent a 2 bedroom in NY and have a combined savings of $35,000 which she wants to use as a down payment on a condo. I kinda just wanna continue saving while renting. I also literally just started contributing to my 401K so I’m also late in the game for that too.

helpful

New to investing and have 60k I want to buy index funds/ETFs with, should I invest like 5-10k a month or all at once? For context, I have emergency fund already established and contributed to Roth IRA

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal