With the potential for rising tax rates in the near future, changes to retirement planning in the CARES Act and SECURE Act, and other potential changes coming down the pipeline many business owners and individuals are looking to maximize their tax advantaged savings opportunities. One overlooked strategy is often after-tax contributions to retirement accounts and IRAs. No, not Roth accounts, but true after-tax contributions. However, planning around this area can be complex with distributions, tracking, conversions, aggregation, and plan limits.
Join Jamie Hopkins, Esq., MBA, CFP®, LLM, CLU®, CHFC®, RICP®, Director of Retirement Research and Managing Director of Carson Coaching, as he dives into the complex world of after-tax contribution planning in 401(k)s and IRAs.
- Better understand the different types of tax advantaged retirement accounts
- Better understand the basics of after tax contribution limits in qualified plans
- Review tax savings opportunities with retirement plans leveraging after-tax contributions
- Define the distribution rules for after-tax contributions
- Determine how to handle after-tax planning for IRAs
- Review how to incorporate backdoor and mega-back door Roth conversion strategies into an after-tax plan