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There are many different types of tax-advantaged retirement accounts out there. From traditional 401ks and IRAs to 403(b)s, and beyond, there is no shortage of options. However, one of the most overlooked retirement account options is the mega backdoor Roth IRA. This option has some interesting benefits and features.
In this video, tax expert Karlton Dennis breaks down mega backdoor Roth IRAs and explains why many people should consider them as a retirement account option. He covers key information about these retirement accounts such as who is eligible to use them and who they make the most sense for.
This video can be helpful for anyone who is looking to learn more about different retirement account options beyond the most common and most popular. Karlton also breaks down some of the advantages of other retirement options as well. If you want to learn more about mega backdoor Roth IRAs, this is the video for you.
CHAPTERS:
0:00 Intro
0:12 What is a Backdoor Roth IRA?
1:16 How Do Backdoor Roth IRAs Work?
1:20 Step #1: Contribute to a Traditional IRA
1:44 Step #2: Convert to a Roth IRA
2:14 What Are Mega Backdoor Roth IRAs?
2:35 Step #1: Max Out Your 401(k) Contributions
2:51 Step #2: Make After-Tax Contributions
3:16 Step #3: Convert to a Roth IRA (Or Roth 401(k))
4:24 Key Benefits of the Mega Backdoor Roth IRA
4:31 Number 1: Larger Contributions
4:56 Number 2: Tax-Free Growth
5:26 Important Considerations
5:33 Number 1: Not All 401(k) Plans Allow After-Tax Contributions or In-Service Withdrawals
5:59 Number 2: After-Tax 401(k) Contributions Aren’t Tax-Deductible, And You May Still Owe Taxes
6:42 Who Should Use This Strategy?
7:44 A Word of Caution
8:23 Subscriber Question!
9:41 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#backdoorroth #retirementplanning #karltondennis
