In this video I'm talking about the Mega Backdoor Roth IRA for 2021 and going beyond with additional Roth IRA savings. You may be able to really get a ton more into your Roth IRA than you thought possible. The maximum contribution to a retirement plan maxes out at $19,500 but you could get up to $58,000 using this strategy but that's only part of it. The self employed or small business owner may have a better chance of using this mega backdoor Roth IRA strategy with a solo 401k but you may be able to do with your retirement plan at work. The first type of strategy is using an in-plan-conversion where you go from the traditional side of the 401k or other retirement plan to the Roth 401k side. The in-plan-conversion would count all the pre-tax and growth associated with the plan as a taxable event. However, if you use a non-deductible contribution and a plan distribution or rollover you may be able to avoid taxes while still getting the money into the Roth IRA. The rules for the Mega Backdoor Roth IRA, contributions, and conversions all require that the correct steps be taken to accomplish this post tax strategy. ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL PLANNER™ Company Website: twitter: @travissickle Instagram: Facebook: LinkedIn: Sickle Hunter Financial Advisors 1646 W Snow Avenue Suite 144 Tampa, FL 33606 Check out Google Business Profile ------------------------------------------------------- Gear Used in Videos Income Protection: You have a 1 in 4 chance of becoming unable to work due to disability. Your Breeze Disability Insurance policy will replace part of your lost income if and when you need it. Apply here Partnership referral links Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis Seeking Alpha *ONLY $99 ($̶2̶3̶9̶) for the annual plan* All Amazon links are affiliate links ____________________________________________________________________________ Information in this video is for educational and entertainment purposes only. sicklehunter.com/disclosures ____________________________________________________________________________ #travissickle...(read more)
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