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Ubering for the bonus. My little hack.
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So you don’t have a traditional option? Interesting, I usually see it the other way around when an employer only offers one.
Regardless, it is always a good thing to have access to a tax advantaged account. You can still do Backdoor IRA, and I would check if your employer offers after tax contributions which would let you do the mega Backdoor too
Right, I would just ask about after-tax, which is different from Roth (post-tax).
Mentor
401k and IRA have very little to do with each other.
1. Benefits - tax free on withdrawal. Generally a good thing, though I prefer a traditional 401k to avoid paying taxes now. You can always convert later
2. Yes, you can still do backdoor Roth IRA
Mentor
Sure...
Yes you can still do a backdoor Roth IRA. Also check out if they allow after tax contributions and allow you to do an in-plan conversion to your Roth 401(k). Search for mega backdoor Roth if you want to learn more there.
I will search mega back door Roth to learn more. Also, my contributions are after tax already for the Roth 401k that my employer offers. I just want to make sure I am doing things as optimal as possible
So in our EY program with Fidelity, it does not allow after tax 401k contributions, so you cannot do a mega back door Roth. We do get the choice of a regular or Roth 401k though, which is nice.
You can still do a regular back door Roth conversion, you just can’t do crazy large amounts, only what’s in your traditional IRA.
As for optimal as possible...there’s no right answer it depends on your circumstances. I do a split on Roth (2/3) and Traditional 401k (1/3) to be tax diversified. I used to also max out my Roth IRA but am now above the income limit, so that has to go into a traditional these days.