Max Fund your 401k in 2023 // Lower taxes today and tomorrow
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- เผยแพร่เมื่อ 26 มิ.ย. 2023
- In this video, I'll be sharing valuable tips on how to maximize your 401k contributions in 2023 while lowering your taxes both today and in the future. I'll walk you through the contribution limits, explain the differences between traditional and Roth sides, and provide six key tips for optimizing your strategy. Discover how to make the most of employee deferrals, leverage employer matches, and even explore the power of nondeductible contributions and immediate Roth conversions. Don't miss out on important tax diversification and the potential benefits of credits and deductions. Plus, I'll shed light on the true-up feature and the roll-up tax strategy. Join me to unlock the full potential of your 401k and secure a brighter financial future.
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TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
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#travissickle
Sounds correct 💯
😎
my 401k plan allows after tax non roth contributions up to 12% of my salary and in service withdrawls which i roll over into my Roth IRA.
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My workplace plan doesn’t allow in-plan conversions or in-service withdrawals. Most company plans don’t as far as I can tell, because providers like Merrill Lynch have no incentive to bother updating their plan documents to allow it. I also can’t make after tax contributions because the company believes the plan would fail top heavy testing if they allowed it.
Yeah, that happens unfortunately.
You mentioned the catch-up provision when you talked about the overall cap on contributions to a 401k but failed to include it in the Roth maximum contribution per year. The Roth 401K cap for 2023 is $30,000 for anyone old enough to be able to use the catch-up provision.
I would like to know the best way to pay the withholding on company contributions to a Roth 401K. Normal Roth contributions are included in my paycheck and withholding is calculated to include the Roth amount. Company contributions are not included in payroll, so how can the withholding amount get calculated and paid when the company contribution goes to the Roth account?
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Hello I have a question please! If I do not max out my 401k, for example only 6% just to get the company match. Can I invest the reminding to an external traditional IRA? The reason I am thinking about it, so that can invest in external brokerage traditional IRA, where there are more selection of ETFs. Thanks in advance.
Great video. Do you still get the standard tax deduction at tax time if you maxed out a 401k? Is it one or the other? Thanks
July 15, 2023
@@TravisSickle Thanks again
Thank you for good info. Please correct me if I am wrong. So in 2023,
I/my company can contribute 66k for solo 401k and $6500 for backdoor roth?
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What is the point of the IRC salary limit on elective deferral? After required deductions for payroll taxes an employee making $X doesn’t have $X to contribute to a 401k because ED is always done via payroll. So far as I know an employee cannot top up their ED contributions with cash outside of payroll.
Depends on the plan. Just say employee contributions or employee deferrals. ED keeps throwing me off. 😎🤑 The tax code isn't logical, which should sum up just about everything that doesn't make sense.
If you are an S-Corp owner with employees, can you apply similar i401K (solo 401K) strategies? What are the main differences from maxing out at a company 401K versus a solo 401K? Is the solo 401K have better features?
No, you can’t have eligible employees with a solo 401k.
My inheritance, a whooping 1m has grown only 4.72% in the past 12 months. In this bear environment does investing w/ a brokerge account under a custodian outperform a 401k? should I seek a pro to grow my funds on brokerage acct or still hold? I have 5 years to retirement. Happy to discuss.
It’s possible to do it yourself but if you’re not confident or think you’ll make a mistake then it makes sense to work with a pro. Work with my team here www.sicklehunter.com
Where does the $66K come from? I thought it was around $22K.
That includes “after tax” contributions that some plans allow into 401k
The IRS says that the max contribution to a 401k is $66k for 2023, but you can do more if you’re 50+.
The confusion comes because that number is broken down into 3 sections: 1) employee wage deferrals, 2) company match/profit sharing, and 3) additional employee, non-deductible after-tax contributions.
Most people only know about 1 & 2. You’re thinking of #1, your wage deferrals and that’s the 2023 max of $22,500, but if you’re 50+ you can do an additional $7,500 in 2023 (for a max deferral of $30k).
#2 and #3 cannot sum to more than $43,500. Most people only know about #2 as a “company match.” So if you made $100k and your company match was 5% and you were 40-years old and maxed out your deferral (#1) at $22,500, then you’d be at $27,500 with the match. If your goal was to get to the $66k, you can ask your 401k administrator if you can add the difference from your own pocket (that’s #3). Normally the only people who do this are high earners and business owners with individual (solo) 401k’s.
Complicated? Confusing? You bet. 😂
Travis, tell me if I’m wrong. ❤ the content.
@@CrabbyE8 Thanks - my employer only allows 5% in after tax contributions. I plan on retiring in 5 years. That should add an extra $30k into my Roth. All these years, I never knew.
👍👍
i carry no balance in the Traditional IRA and only use it to roll over into the Roth IRA, so i don't think i have to worry about the prorata rule since there are no profits in the traditional...
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What up Travis
What’s up!!! 🎉 😎
I'm maxing out my 401k because stocks are down rn
smart