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That's a tax deduction limit not an IRA contribution limit. You make an after-tax IRA contribution (up to the IRA contribution limit of $6K/year in 2019) not su
by laurencerowe 8y ago
That's a tax deduction limit not an IRA contribution limit. You make an after-tax IRA contribution (up to the IRA contribution limit of $6K/year in 2019) not subject to any income limit and then convert to Roth IRA.
- Thorrez 8y agoYeah, but that's not really "traditional". And if done fast enough, the "tax on conversion" will be essentially nothing.
- infinite8s 8y agoIf your firm's 401k plan allows it, you can contribute up to 32k post tax (it's not deductible) and then immediately roll over to a Roth 401k (google for "mega-backdoor Roth"). People don't realize that the IRA and 401k sections of the tax code are completely different, and they both have Roth sections, and the limits in one don't apply to the other.