Timothy Sumer

Invest today!... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA If you are a non-resident alien H1B visa holder, you may not be eligible to make contributions to a Traditional or Roth IRA. However, there is a loophole called the Backdoor Roth IRA that you can take advantage of. Here are six facts about the Backdoor Roth IRA that H1B visa holders should know: 1. What is a Backdoor Roth IRA? A Backdoor Roth IRA is a strategy that allows you to make contributions to a Roth IRA even if your income exceeds the limit for direct Roth IRA contributions. You first contribute to a Traditional IRA, and then convert that balance to a Roth IRA. The contribution to the Traditional IRA is nondeductible, and the conversion to a Roth IRA is tax-free. 2. The H1B visa status does not affect your ability to do a Backdoor Roth IRA. As an H1B visa holder, your work ...

Start investing today!... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The Mega Backdoor Roth is an incredibly powerful retirement savings tool for H1B visa holders in the United States. It allows you to contribute up to $37,500 in after-tax dollars to a Roth IRA in 2021. Here are 10 facts about the Mega Backdoor Roth for H1B visa holders in 2023. 1. The Mega Backdoor Roth is available to H1B visa holders who are eligible to participate in their employer’s 401(k) plan. 2. The maximum contribution in 2023 is $37,500, which is the same as the 2021 limit. 3. The contribution must be made in after-tax dollars, meaning that the money is already taxed when it is contributed. 4. The money can then be converted to a Roth IRA, which is a tax-free account. 5. The money in the Roth IRA can be withdrawn tax-free after age 59 ½. 6. The Mega Backdoor R...

Do you want to invest in 401(k) but not sure whether to invest in traditional 401(k) or a Roth 401(k), then this video should be helpful. In this video, let me share my understanding of traditional 401(k) vs Roth 401(k), Where should we invest & why, along with how I do it. I would also recommend you to watch following videos first to understand the basics of 401(k) & Roth 401(k) -: 401K Basics -: Roth 401K Basics -: Other videos you should consider watching-: Investing on H1b Visa (playlist) : Buying House on H1b Visa (playlist) : Forget Green Card, Try This -: How I tripled my income on H1b visa --: How I earn $2000 per month in passive income on H1b visa --: H1b Visa holders salary in Tech product companies like Microsoft, Amazon, Google etc -: How I became a millionaire on H1b visa, and how you can too : Regards, Goldy Arora ... ( read more ) LEARN MORE ABOUT: 401k Plans REVEALED: Best Investment During Inflation H...