My work 401k allows AFTER TAX contribution and I want to know who is eligible of doing that?
Do I need to meet below requirements in order to do so?
1. Gross income exceed the contribution limit for Roth IRA (example: $240K for married couple)
2. Have max out the 401K contribution limit of $23000 or $305000 if older than 50.
I read a few places saying the above but not everywhere. And I can't find the answer from IRS site. And, my work 401k let me know do so even I do not meet the above two points. I want to know if I am violating the tax rule. Please hep.
Thanks in advance.
