I’m thinking of investing in Roth IRA but have couple questions. I work for Amazon, and they provide option for Mega backdoor Roth IRA. Here is how I think it works: put money in fidelity post-tax 401k -> set up In-Plan-Conversion for Roth IRA account -> fund is automatically transferred into Roth IRA account. How is the operation above better than transferring money from bank account to Traditional IRA and then to Roth IRA (backdoor Roth IRA)? Tax-wise, I think it’s the same, but looks like you saved the hassle to create Traditional IRA account? What am I missing here? Please correct me if I’m wrong TC: 350 #investments #retirement
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You can't comtribute more than 6K to traditional IRA