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- A backdoor Roth IRA is a strategy that allows people who would be ineligible to contribute to a Roth account, based on their income or contribution limits, to transfer certain types of 401(k) contributions into a Roth—including a Roth IRA and/or Roth 401(k)1. To set up a Mega Backdoor Roth with Fidelity, you can follow the steps outlined in a step-by-step guide2. Alternatively, you can set up a Backdoor IRA by converting a Traditional IRA to a Roth IRA using cash34.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A mega backdoor Roth refers to a strategy that can potentially allow some people who would be ineligible to contribute to a Roth account, based on their income or contribution limits, to transfer certain types of 401 (k) contributions into a Roth—including a Roth IRA and/or Roth 401 (k).www.fidelity.com/learning-center/personal-finance/…In this step-by-step guide, I will walk through the steps to set up a Mega Backdoor Roth with Fidelity. Specifically, I will outline the steps to set up an Mega Backdoor Roth using an “ in-plan conversion ” (as opposed to the tedious and tax-ineffective “ in-service conversion ”).www.buckbybuck.com/how-to-set-up-a-mega-back…There are several ways to set up a Backdoor IRA. But for the sake of simplicity, I will focus only on converting a Traditional IRA to a Roth IRA using cash (instead of assets). 1) Open a Traditional IRA with Fidelity. Go to https://www.fidelity.com/retirement-ira/traditional-ira and follow their step-by-step guide. 2) Link a bank account.www.buckbybuck.com/how-to-set-up-a-backdoor-r…It's a "backdoor" way of moving money into a Roth IRA, which is accomplished by making nondeductible contributions—or contributions on which you do not take a tax deduction—to a traditional IRA and then converting those funds into a Roth IRA.www.fidelity.com/learning-center/personal-finance/…
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