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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
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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
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.