I am currently a resident with an employer 401k. I also fully maxed my Roth for the yr. However, 401k is pre-tax and I am in the lowest tax bracket of my life. That said, can I roll over that money into my Roth now, even though I already maxed out for the year? I rather pay taxes now than later.
I know this sounds dumb but if I am to decrease my tax burden, I should pay taxes now that I make resident salary.July 27, 2019 at 6:41 am MST #234001jacoavluModeratorStatus: Physician, Small Business OwnerPosts: 2374Joined: 03/01/2018
rare plans allow in plan Roth rollover of pretax plan assets. you should read the plan description to see if that is available
you can’t rollover employee deferral contributions to an IRA or Roth IRA while you’re still employed
does your plan have a Roth deferral option? you should consider that next year. Too late if you already maxed out 2019 contributions
The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVA
My employer 401k has no Roth deferral option and my employer doesn’t offer Roth 401k :(.July 27, 2019 at 6:58 am MST #234004
My question now is, can I open my own Roth 401 k at a bank and then roll over what I contributed?
Definitely trying to turn that $ into post tax.
Anything else you guys can thing of?July 27, 2019 at 7:02 am MST #234007ZZZParticipantStatus: SpousePosts: 697Joined: 06/18/2018
“Anything else you guys can thing of?”
Covert it to a Roth when you graduate and take a job somewhere else. With only half of year of attending income, you’ll still be in a relatively low bracket.
Thanks ZZZ. Not bad advice. Much appreciated.July 27, 2019 at 7:33 am MST #234019PedsModeratorStatus: PhysicianPosts: 4405Joined: 01/08/2016
please dont start a new thread on the same topic:
your question was already answered there.July 27, 2019 at 7:44 am MST #234026