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
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)