I have self employment income from 2023 and planning to continue my business in 2024.
Have a solo 401k which does not allow for mega backdoor Roth.
I am trying to decide if it is worth setting up a new solo 401k through mysolo401k.net that will allow me to do the mega back door Roth.
This year I will only have about $5000 in net income (after taxes and employer 401k contribution) to do the mega backdoor Roth. The cost to set up the account is $525 plus an annual fee of $125.
I contributed the max employee pretax amount through my w2.
Thank you for any input.
Have a solo 401k which does not allow for mega backdoor Roth.
I am trying to decide if it is worth setting up a new solo 401k through mysolo401k.net that will allow me to do the mega back door Roth.
This year I will only have about $5000 in net income (after taxes and employer 401k contribution) to do the mega backdoor Roth. The cost to set up the account is $525 plus an annual fee of $125.
I contributed the max employee pretax amount through my w2.
Thank you for any input.
Statistics: Posted by Splitz — Wed Dec 20, 2023 4:00 am