Thanks @DanaB27 for your response. Just to confirm one more thing. My 401K plan allows to contribute
1. Pre-tax contribution
2. Roth Contribution
3. After-tax contribution
Per IRS limits, contribution limits were $20,500 for #1 and #2 combined.
so over the $20,500 in pre-tax, I also contributed after-tax in #3 above ($61,000) - (Pre-tax $20,500 + Employer contribution). and then used the option of In-Plan ROTH conversion for the "After-tax" part only.
Does "In-Plan ROTH conversion" mean moving to a Roth 401(K)? or this Roth 401(K) is the #2 above (with combined limit of $20,500)?
Did you move this money from a 401(k) to a Roth 401(k)?
- Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan
- No, I didn’t
thanks in advance.
