Timothy Sumer

In 2023, you may be able to contribute up to $66,000 if you’re under 50 and $73,500 if you’re 50 or older to your Nvidia 401(k). You can fully leverage these limits by taking advantage of the Mega Backdoor Roth. This is a powerful benefit within your Nvidia 401(k). It allows you to contribute after-tax dollars and convert those dollars to Roth. ******. Questions for Saloni Gupta, CFP® SCHEDULE TIME ON HER CALENDAR: CONNECT on LinkedIn: ******. 00:00 Introduction 00:16 2023 NVIDIA 401(k) Contribution Limits 00:41 3 Reasons Why You Should Contribute to Your 401(k) 01:41 NVIDIA Mega Backdoor Roth 02:14 Mega Backdoor Roth Example 03:03 Mega Backdoor Roth Tax Benefits ****** Control your taxable income in retirement. The Mega Backdoor Roth is a way for high-income earners to utilize the benefits of a Roth. Within a Roth your money grows tax-free. These same dollars and the interest earned can be tax-free when accessed in retirement (59.5+ years old). Having additiona...

Starting in 2024, those aged 50 and older will not be able to make a catch-up contribution to their 401K plan in the amount of $7,500. In 2023, the maximum allowed to a 401K plan is $22,500. If you are 50 and older, you can contribute an additional $7,500 - known as a catch-up. Remember, contributions made to a 401K reduce your wages which are subject to income tax. So this is the benefit that you’ll be missing. Instead, in 2024, those aged 50 and older can make a contribution of up to $7,500 to their Roth IRA. Remember, ROTH IRA accounts grow tax free and you can withdraw the money once you receach a certain age and don’t have to pay taxes on the original contribution or appreciation of those assets. #shorts #IRS #IRSchanges #retirementsavings #401k #financialplanning #retirementplanning #personalfinance #retirementgoals #investmenttips #financialfreedom #retirementstrategy #401kplan #savingsgoals #wealthmanagement #retirementadvice #financialgoals #moneymanagement...

In 2023, you can contribute up to $66,000 if you’re under 50 and $73,500 if you’re 50 or older to your Microsoft 401(k). You can fully leverage these limits by taking advantage of the Mega Backdoor Roth. This is a powerful benefit within your Microsoft 401(k). It allows you to contribute after-tax dollars and convert those dollars to Roth. Your 401(k) contributions also increased in 2023. If you’re under 50 you can contribute up to $22,500 and if you’re 50 or older you can contribute up to $30,000. Microsoft will match 50% of your 401(k) contributions. You can earn up to an additional $11,250 in free money from Microsoft. Key moments in video: 00:00 Introduction 00:25 2023 401k Contribution Limits 00:56 What is the Microsoft Mega Backdoor Roth? 01:26 Mega Backdoor Roth example 02:37 Tax benefits of the Mega Backdoor Roth 02:59 Tax benefits associated with a Roth ****** LIKE this video? HIT the like button! SUBSCRIBE to our channel to view more videos created for hig...