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Cash Loans

Cash Loans

Thanks for this intel. As soon as I read this post, I called my 403(b) administrator and learned that after-tax contributions are allowed but not in-service rollovers. I plan to stay with this employer 5-7 years until FIRE. On second thought, of course, my first question is not an issue as long as the Roth rollover is available at the time I separate. So that is my one concern. I think having some graphs which compare a couple different strategies (compared to taxable account alternative), over time, like in your previous posts below, would have more impact on how great this could be for FI-seekers.

I thought the complicated nature of this topic required a more detailed explanation so I decided to omit those comparison graphs in favor of the graphs that you see above. Thanks for the suggestion. This could allow you to take advantage of the backdoor Roth IRA contributions and mega backdoor Roth IRA contributions in the same year, depending on your situation.

What do you think, Mad Fientist. It should help others who want to do both bakdoors (they must be extremely lucky to take advantage. Unfortunately not able to do a mega backdoor Roth IRA. Nick, would you mind translating this for those of us who may not be at the expert level.

I am currently contributing to a non deductible Cash advance and rolling it into a Roth each cash advance. Sounds like I could be doing something better.

Then that percentage is applied to whatever portion you roll into cash advance Roth. So you owe tax on some percentage of your rollover. Does rolling it into a 401k cash advance that. Are you saying that you can roll any tax deductible traditional Ira into a 401k that then only the non tax deductible is left and you can roll that cash advance a Roth without any additional taxes due?.

Only possible downside I see there is the typically more limited investment options available in 401ks and the potentially higher fees. But if your plan allows in service withdrawals you could just take it back out every year.

Also I have one big question. What about the total dollar limitation. I saw it was a little over 1M. Exactly what does that apply to. Your aggregate retirement funds. Is it as a married couple or as an individual. Is it contributions or total value (including dividends and capital gains. What happens if you exceed it. Would the tax benefits stop. Would I owe some kind of penalty.

Due to a few unanticipated expenses, I was short of the cash to contribute to tax-advantaged accounts this year from income, however, would it be smart to make up this difference by transferring funds from a taxable account this year for the tax savings. Also to add to my post. I have a SIMPLE-IRA program at my employer where the account is held at Edward Jones (less than ideal).

Is it smart to be maxing this account given it is held at EJ. I have a fear of giving more than the minimum to EJ, though this fear may be irrational given the tax savings. I should have read your follow-up comment because it answered both of my questions that I just asked you in my response to your first comment. Usually these custodians have at least one semi-good offering that you can take advantage of until you move the money to Vanguard. Kurt, would you be selling the funds in your taxable account at a loss or a gain.

Would you be the contributing those funds to a pre-tax account like a Traditional IRA or 401(k). MF, you never cease to amaze me with how well you find and explain strategies to minimize tax burdens and how to execute a strong plan for financial independence.

I went from being really excited about this possibility, to then immediately sad, as my 401k neither allows for after tax contributions or in-service withdrawals (until I am 59. The same exact thing happened to me, DB40. The rollover would be a bit different because the Roth contributions and their associated earnings would go to the Roth IRA, the after-tax contributions would also go to the Roth IRA, and the earnings on the after-tax contributions would go to the Traditional IRA.

You can do this: move the aftertax contributions to Roth IRA without penalty AND also move the gains of the AfterTax401k into a Traditional IRA (I just asked Vanguard rep about this).

In my case, I waited until the end of the year and now I have a small taxable event on the gains that were made this year. In regards to your second paragraph. Might the easiest way be to jack up your AfterTax401K contributions the final weeks, or months, of the current tax year and than rollover once.

What I would do is divide 10,000 by my weekly paycheck. Then, wait till the end of December and rollover into Roth IRA and pay minimal tax on the conversion. While this will reduce your gains, for some they may consider extra work to call every Monday to do the rollover. In the former case, when the After-Tax Contributions are withdrawn from the After-Tax Subaccount of the 401(k) (and presumably rolled to a Roth IRA), the only amount subject to tax is any Gain on the After-Tax Contributions (with tax-deferral presumably retained by rolling these gains to a Traditional IRA).

Then I would just separate my distribution to two accounts. My pay day loan After-tax 401(k) contributions would go to my Roth IRA and the gains on the After-tax 401(k) contributions would be rolled over to traditional IRA.

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