I spoke to Vanguard, Fidelity, and Morgan Stanley. All tried to sell me on their admin services so turning to trusted blind for advise considering most of you might have already gone through this. How can high earners contribute to Roth ITA with income limit? I can do backdoor IRA but then wouldnt I get taxed twice? I can contribute to IRA with post tax money and then pay taxes to convert it to Roth but then again once I withdraw I pay taxes again? So far I am only contributing $19.5k in 401k. Want to save more so looking f for options. TC: Base $220, equity about $200k a year No longer with Amazon, joined pre-ipo company. #personalfinance #investments
2024 Presidential Election
Yesterday
420
India is partially responsible for the Palestinian genocide
Layoffs
Yesterday
2365
25F. Got laid off in March. I have 10 days left to stay in the US.
India
4h
199
Fav player for Bharat ๐ฎ๐ณ today in finals?
2024 Presidential Election
Yesterday
446
Biden is a crappy debater
Tech Industry
Yesterday
1244
Chinese majority teams @Meta
Backdoor roth IRA, you contribute to after tax traditional IRA and immediately convert it to Roth. No double taxing. You use after-tax money and if you immediately convert to a Roth, you won't have any gains to pay taxes on. Also look at the internal investment wiki to look at setting up a mega backdoor Roth (this is different than a backdoor Roth, you can do both). There's also a good personal finance slack channel, as well.