Timothy Sumer

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 401(k) using the Mega Backdoor Roth provision. Employees at Microsoft, Amazon, Meta, Nike, Intel, and many other tech companies have access to this benefit. The Mega Backdoor Roth enables you to contribute thousands in after-tax dollars and convert those dollars to Roth. This benefit is sometimes referred to as the after-tax Roth conversion within your 401(k). 00:00 Introduction 00:14 Companies that offer the Mega Backdoor Roth 00:26 Mega Backdoor Roth example If you’re on track to max out your 401(k), this is a benefit worth leveraging. 401(k) contributions 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. The Mega Backdoor Roth allows you to contribute additional after-tax dollars up to the federal limit. The Mega Backdoor Roth gives high-income earners access to benefits associated wit...

A lot of us with full time jobs in healthcare or other professional fields end up having income taxes take up the biggest chunk of our expenses, because of the higher salary. In this video I go through all the tax strategies for high income earners that I've learned since graduating. Links: My Airbnb Calculator (Free!) - Airbnb hosting ($40 bonus, with me as your ambassador) - These people have some useful content on taxes (not affiliated with them / they have no idea who i am and they didn't endorse this, just sharing a resource I found helpful) @TheRealEstateCPA @ochowealth Business credit cards: American Express Blue Business Cash ($500 cash bonus, 0% APR 12 months, and 2% cash back on spend) Chase Ink Unlimited (cash bonus of $750, 0% APR 12 months, and 1.5% cash back on spend) - ------------- Table of contents: 0:00 Intro 1:00 Level 1 7:06 Level 2 9:48 Level 3 20:08 Caveats --------------- Gear: Canon DSLR Wide angle lens Elgato Ring light Rode...