
The Traditional vs. Roth 401(k) Plan
When it comes to choosing between a traditional and Roth 401(k), you must decide whether you want to pay taxes now, or defer them until later.
When it comes to choosing between a traditional and Roth 401(k), you must decide whether you want to pay taxes now, or defer them until later.
One benefit of being self-employed is maximizing Roth contributions via a Solo 401(k) or SEP IRA so you can enjoy a tax-free retirement.
Even though Tax Day has passed, if you filed for an extension you can still perform a Mega Backdoor Roth Solo 401(k) for the 2022 taxable year.
The Backdoor Roth IRA and Mega Backdoor Roth 401(k) are different, albeit similar, strategies one can use to have a tax-free retirement.
Solo 401(k) Tax strategy allows retirement investors to make non-deductible contributions. Not all custodians allow this, but IRA Financial Group does.
Exactly when to do a Roth conversion is an individual decision. IRA Financial’s Adam Bergman offers advice as to the best time to perform one.
The Mega Backdoor Roth Solo 401(k) is still a legal, retirement savings vehicle in 2022.
The major difference between a Solo 401(k) plan and the Roth Solo 401(k) plan is when taxes are levied – now or later; the choice is yours!
As of this writing, the Mega Backdoor Roth contribution is still in play. Whether that remains the case is something to be determined.
A Roth Solo 401(k) plan is advantageous because it has the same benefits of a Solo 401(k), with the ability to generate tax-free income and gains.
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IRA Financial Group
1691 Michigan Avenue, #335
Miami Beach, FL 33139