Mega Backdoor Roth Conversions

Mega backdoor Roth conversions give high-income earners an opportunity to participate in after-tax savings and tax-free investing. This strategy is available to individuals that participate in a qualified retirement plan, such as a 401(k), that allows after-tax contributions to the plan. Who Should Consider a Mega Backdoor Roth Conversion A mega backdoor Roth conversion may

2024 Retirement Plan Contribution Limits

Retirement plan contribution limits are reviewed each year and are occasionally adjusted by the IRS. Table 1 below summarizes retirement plan contribution limits for 2024. Table 1: Retirement Plan Contribution Limits (2024) Retirement Plan Type 2024 Contribution Limit Age 50+ Catch-up Contribution Limit Individual Retirement Account (IRA) $7,000 $1,000 Simple IRA $16,000 $3,500 SEP 25%