Up to $69,000 in your 401k using Mega Backdoor Roth

A Mega Back door Roth IRA is simply using after tax contributions to your 401k and the moving the money to your Roth 401k or Roth IRA.

The aggregate total you can put into a 401k is $69,000 in 2024. That’s the total of your $23,000 participant contribution + any employer contribution + your after tax contribution.

Not every 401k allows after tax contributions so check your plan. Then you need to find out if your plan allows you to move those after tax dollars to your Roth IRA or Roth 401k.

This is something you want to be fully informed on and ensure it’s right for you so do your research before had. You can find the article on my website under resources for more information.

https://www.foundationwealthplanning.com/resources/what-is-a-mega-backdoor-roth