Mega Solo Roth 401k Explained
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- čas přidán 22. 08. 2024
- Mega Solo Roth 401k Explained
In this video I'm talking about how to maximize your contributions to the Roth side of your retirement plan. It does require that you have self employed income as an LLC, S-Corporation, Partnership or sole proprietor etc.
Check with your brokerage firm before attempting the Mega Roth Solo 401k so make sure that you qualify and they can complete the transactions correctly.
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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.
TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website: www.sicklehunt...
twitter: @travissickle
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#travissickle
Excellent summary, Travis! Thanks for all the helpful videos.
Helpful, Thanks Travis.
Could you contribute to solo 401k hella in the year you’re making a lot of money and do the conversion during the year you’re not making as much?
Would that save you money if you drop your tax bracket? Or is it a set % of the tax amount when you do the transfer?
Now you're thinking!!! good work.
Thanks Travis, very informative video! One option I have heard about but you didn't cover is the after-tax contribution and then an immediate rollover to the Roth side of the 401k. Do the same limits apply to that type of strategy? Like the $19.5k and the 20% of total income?
I talked about that strategy in this video…czcams.com/video/sxEgqC4EMz8/video.html
I should do it again and draw it out. It’s a great strategy that most don’t know about.
@@TravisSickle Thanks for the link Travis. The one thing I'm not totally clear on is what drives the limit of the after-tax contributions vs. the $19.5k personal and 20% employer profit-share limits. If I don't make any contributions to other plans, would I be able to contribute after-tax up to the max limit ($64.5k 2021, +50yrs old) to a solo 401k as long as my business nets at least $64.5k?
do you know any brokers that will do this
Any, you’ll need plan documents that will support the transaction. The docs at the brokers won’t work but they accept your own docs too.
@@TravisSickle so a third party administrator
@@zulu1520 solo401k.com is one place. They do a good job with the docs. From there you can use an online platform of your choice.
@@TravisSickle thank you
I have an S-Corp for my business. I already have a Roth IRA and we are contributing the max $6k a year. Can I keep that account and do a Solo Roth 401k as well? I'm assuming that I would just be limited to the $19,500 across the two accounts if it is allowed.
Yes, the limits are separate.
@@TravisSickle wow, so I can contribute $6k to my Roth IRA and $19,500 to the Solo Roth 401k? That's incredible.
@@dhudson225 no, $61k to the solo and $6k to the Roth IRA. You’ll have to do it a certain way but it’s doable.
@@dhudson225 $61k as a backdoor contribution to the solo Roth, + $6k to Roth or backdoor if you earn too much.
@@TravisSickle Hi Travis,
I am getting confusing answers from different tax accountants and the mega back door Roth solo 401k administrator. The admin is saying I just need to net pay myself $61k to contribute to the after tax of $40,500. Is this true?