I maxed out 401k for 2020. I opened a ROTH IRA account in fidelity and been doing the mega backdoor Roth. I don’t have any other IRAs. I just saw this message in my fidelity account. Contd.

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Well if you’ve been doing mega backdoor, what fidelity is telling you is that you still can also do regular backdoor Roth through a traditions IRA then converted to Roth. They are different processes

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Awesome, thanks IBM1! I have to read up on how backdoor IRA works but I’m assuming I can use my existing Roth IRA account to take advantage of this.

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Is there any other opportunity for me to contribute to an IRA that I’m missing here? My salary is in 150-200k range.

If you are doing the backdoor, don't you need to have a traditional IRA and Roth IRA to do the contribution than conversion?

The contribution is subject to the $6k limit. I don't think there is a limit on the conversion as long as you are okay paying whatever taxes may be due. For example, if you have $20k of contribution and gains sitting in an traditional IRA, you might want to convert that the year you went to school full-time to minimize your tax liability. At least that's what I've heard 😂

Oops, didn't see that you said mega backdoor door. I do the mega back door but my funds stay in my 401k account.

The answer below is correct. Your mega backdoor funds do not count towards the $6k limit. Conversions and transfers don't count towards the limit. It's the initial contributions that count.

Conversions aren’t contributions. You can contribute backdoor it sounds like, so it’ll be coded as a conversion. You shouldn’t see contribs

You can just backdoor $6k of cash into the Roth.

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