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Thank you so much! You should share this to Little Red Book too

Can this be combined on top of the IRA to Roth backdoor?

What is your profession and what company do you work for that allows you to convert your 401k into a Roth? Ive tried to find employers that allow this in their retirement plans but have had no luck so far.

People should know that if they have an IRA through work, they need to deduct the amount they are contributing to that from the max allowable contribution ($7.000 in 2024) to determine how much they can put into the Roth IRA. The total amount a person can put into all IRAs (traditional or Roth) is $7000 (in 2024). If you go over that, there is a tax penalty.

So is it overrated?

Thanks so much. I got the status match from Caesars Diamond Plus card to Wyndham. So, Caesars rewards has given me 7 free nights at their resorts. Can I get my 7 free nights I got from Caesars and use them at the Wyndham?????? Thanks so much.

Who's baby is crying in the back?

Do you have to wait until your 401k is maxed out before doing after tax contributions? Or can you do them at the same time?

can you update this video because Schawb page layout and tabs are no the same as the one you show and i can't find the page where allow you to contribute

Ying, thanks for the vlog, very detailed information. May I ask what's the room type? Is it suit with garden view? Thanks!

Could you provide instructions or video on doing a backdoor roth for Schwab here in 2024? Not too many videos on youtube for Schwab on how to do the backdoor roth

hi i have question about Hsa if i live in California. Can you explain what are the difference? 1. i wonder can i use this for my tax deduct when i do income tax? 2. if i sell the stock that i invest but i dont put dont use it yet do i have to pay tax ?

Good job, Ying! Thank you!

Thanks!!! Very good information

NOTE: The contribution limits have changed for 2024. Mega Backdoor: $46,000. Regular Backdoor: $7,000

Is there a pool?

Ying! Your kids are adorable :). My husband alleges we might've stayed at this hotel more than fifteen years ago before it got bought out by Hyatt. I don't remember it having a kitchen though, so indeed it has been upgraded! I just remember the fireplace. I think I might've played with fire for an entire night there :D.

thanks for this!!

Can you just use the move money function or do you have to use the conversion feature to go from IRA -> ROTH? If you already have a roth opened up.

Maxing out Mega Backdoor ROTH in your 30's and investing it in the S&P500 index will make you rich when you turn 50. This video is so factually correct and concise. Way to go!!

Question: Can account fees be deducted from the earnings? One of my HSA providers (Optum) charges expensive fees to keep the account open.

This did not cover what I was looking for.

Beautiful and smart 😘

Great video btw!

Hello Ying, how can we do this with Schwab?

Awesome and super useful video..! Just one question, how do you manage not exceeding the annual contribution and avoid not eating into employer match contributions?

Do I need to do this same process and open a new account every single year and convert it?

Do you need to continously make a new traditional IRA each year in order to do the backdoor (assuming you don't but just curious) or can you just transfer your money into traditional and then back into the roth before the tax deadline to use the loophole? For example, for myself I would like to frontload my r-IRA with the full amount limit (2023 year = 6500 if making under 138k MAGI). However, to take advantage of the loophole do I need to take the money from my r-IRA already and then put it in the t-IRA just to then convert right back to my r-IRA? That seems like a really backwards way to do things especially in this day in age but alas here we are.

Yuck, Dave Ramsey reference... He's an idiot.

How does Rocket Money compare in 2024?

I also have schwab, how do you set up the backdoor ROTH with them?

Very helpful video on this topic in general, although I believe there is an error here in the section on calculating capital gains. As you can see at the screenshot seen at 2:54 of this video, step 3 in the calculator states you should set "Start Date" to a date before you began investing or even had an HSA. What I've done is download the lifetime transactions in HealthEquity's "Investments" section, and use that file to calculate the correct short-term gains and long-term gains. Hope that helps!

Can I buy $10K iBond every year? Or, is $10K a life time limit?

say wynDham again

front loading is bad with company match. each company has different rules, some you loose out the match entirely, while other ones 'true up' the match next year - which is bad if you leave the company as you wont get that match.

My landlord charges 40.00 to use a credit card. Does bilt have a check routing?

do you delete the traditional account the following year and re-create it to do the backdoor roth for future years?

FYI, just completed this in November of 2023. On the desktop site, go to support (top right)/forms and applications/*select your contributory traditional Ira account from dropdown*/convert traditional Ira to Roth IRA/ complete the form online. This will take you the the setup screen shown in the video

Hello Ying, Thanks very much for your videos. Your delivery is very clear with very useful information! For some reason, I cannot find the video you mentioned that explains the mega backdoor IRA in detail. Where can I find it? Thank you!

Let's start building more traction so that HSA's can act like HSAs in CA! There is a Bill that we should support in CA AB 727!!

Great job. For extra safety Buckle the harness straps and chest clip. Make sure it's a snug fit. The chest clip should be even with your child's armpits. Make sure the straps and clip lie flat against your child's chest and over their hips with no slack.

Does this still work?

This video helps a lot. Thank you

Thank you for making this

It would be nice if you can show us how to do the procedure through Charles Swab

大佬啊，后悔没有一工作的时候就看大佬的视频，感觉亏了好多钱

thanks for the video. i did my IRA contribution then converted to a Roth a couple weeks later. but after i converted, schwab paid $0.64 of interest into my traditional IRA, so now I have a balance of $0.64 instead of $0.00. if i just withdraw the $0.64 will that make my tax return more complicated? or completely mess up the taxes of my Roth conversion?

Front loading. Not all companies let you continue to get match if you finish filling you 401K.

So helpful, thank you!!!!

what's total market fund?