{ "media_type": "text", "post_content": "Does Accenture’s 401K plan allow backdoor or mega backdoor? If so, whats the process look like?", "post_id": "61068d9e3cdab100221835b8", "reply_count": 17, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Does Accenture’s 401K plan allow backdoor or mega backdoor? If so, whats the process look like?

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Can't speak for Accenture, but just FYI that backdoor has nothing to do with your employer. It's when you contribute to an individual traditional IRA and convert to a Roth IRA. Nothing to do with your employers 401k. For mega backdoor, your employer must allow after-tax contributions and in-plan conversions. Even better if that conversion can be automated.

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They do allow after tax contributions up to $15K, need to check on conversion piece. Thanks!

Yes, Accenture does allow mega back door Roth. I initiated my first conversion last week and synced my after tax contributions to my Roth IRA. Although, the Accenture benefits center/retirement planning team is pretty unfamiliar with the process (rare process for them). There is a detailed video on the Wealth Creation ERG site that Melissa Maloney walks through the “how-to” process. Check it out, wealth creation ERG rocks.

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Mega backdoor Roth IRA steps: 1. Begin contributing to after-tax (already maxing traditional/Roth) 2. Set up link between your institution Roth IRA and your alight account. Do this by going to the "Withdrawals and Rollovers" page in the 401k drop-down 3. Wait 7 calendar days 4. Go to the "Withdrawals and Rollovers" page once your after-tax has been contributed 5. Begin the roll over process for the whole amount into your institutions Roth IRA and follow the steps

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There are two key parts to Accenture mega backdoor: 1. Accenture allows you to contribute to an after-tax 401(k) and 2. Accenture allows in service withdrawals to another retirement account. It might be that your company doesn't allow step 2. My SO has something similar where the after-tax can be automatically converted to the Roth 401(k) which seems more convenient than having to call.

No 401k allows a backdoor Roth IRA. That does not involve 401k, only IRA. It may allow the mega backdoor. I don’t know

anyone?

👀 👀

Yes. Mega backdoor up to 15k per year

Pretty unfamiliar with this, so quick question. What’s the benefit of transferring to an outside Roth. Can’t you just leave in ACN 401k as after tax contributions? I am assuming you don’t get taxed again on it since it’s after tax. Can someone help educate me on this? TIA.

Get it now. Thanks, C1 and A5!

@accenture 2 so this method would allow someone to: 1) Max out Roth 401k 2) remaining 401k (up to 60k I believe) to go to your Roth IRA? I used to do this at PwC. I’ll be joining Accenture next year.

Accenture allows up to $15k per year into the after-tax, so you'll be limited to that amount. Depending on how you do it, you can get it rolled into your 401(k) or rolled into your individual IRA.

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