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re: Is there any reason to have an IRA and a 401k?
Posted on 4/5/24 at 9:40 am to Free888
Posted on 4/5/24 at 9:40 am to Free888
quote:
For example, you can make an after-tax contribution to your spouse’s IRA
You can backdoor both your Roth IRA, as well.
If your company 401k allows it, you can also put after tax money into your 401k up to the IRS limit for combined employee/employer contributions. Then immediately roll that after tax money out of your 401k into your Roth IRA.
This post was edited on 4/5/24 at 9:43 am
1
Posted on 4/5/24 at 6:12 pm to hottub
quote:
If your company 401k allows it, you can also put after tax money into your 401k up to the IRS limit for combined employee/employer contributions. Then immediately roll that after tax money out of your 401k into your Roth IRA.
Thank you for this suggestion!!! I do have a bucket of after tax money in my 401k that is collected once I hit the max. So if I understand you, I can take that money (7k for 2024) and roll it into my Roth IRA? Is that correct?
Second, I looked at my tax rate and my taxable income. It doesn’t seem to me that I could contribute enough HSA and pre-tax contributions to my 401k to get me to a lower tax bracket so I changed my contributions to 100% Roth. Is that the right move? Most of my IRA money is in my traditional IRA and not my Roth IRA.
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