Does anyone here have experience with MySolo401k? More broadly, I am looking for a SOLO 401k provider that will allow for a mega backdoor Roth IRA (i.e. one that will allow after-tax, non-Roth contributions, AND allow for in-service distributions)
This link here suggests that they are able to get this done - https://www.mysolo401k.net/mega-back-door-roth-using-solo-401k-plan/
Their listed fee is $795 to start, and $125 per year after that, which may be worth it for me.
Just to give you an idea of my situation, I am graduating residency this year. I signed a contract to be a W2 employee at one hospital, and will earn roughly $230K/year. This job has a 403b plan with zero matching. I also plan on moonlighting as a 1099 contractor, and will probably be earning another $60k/year. My plan would be to max out the $18k employee contribution to my 403b plan (with my W2 employer). I would also then start a solo 401k for my moonlighting income, make the max "employer" profit-sharing contribution (which I understand to be ~20%), and then pile the rest of my moonlighting income into a mega backdoor roth IRA - IF I can find a solo 401k provider that will do this. So far, my research on the larger brokerages (Vanguard, Etrade, Fidelity, TDA) shows that none of them have the features that will allow for the mega backdoor roth ira.
Any thoughts, comment, or suggestions would be appreciated.
This link here suggests that they are able to get this done - https://www.mysolo401k.net/mega-back-door-roth-using-solo-401k-plan/
Their listed fee is $795 to start, and $125 per year after that, which may be worth it for me.
Just to give you an idea of my situation, I am graduating residency this year. I signed a contract to be a W2 employee at one hospital, and will earn roughly $230K/year. This job has a 403b plan with zero matching. I also plan on moonlighting as a 1099 contractor, and will probably be earning another $60k/year. My plan would be to max out the $18k employee contribution to my 403b plan (with my W2 employer). I would also then start a solo 401k for my moonlighting income, make the max "employer" profit-sharing contribution (which I understand to be ~20%), and then pile the rest of my moonlighting income into a mega backdoor roth IRA - IF I can find a solo 401k provider that will do this. So far, my research on the larger brokerages (Vanguard, Etrade, Fidelity, TDA) shows that none of them have the features that will allow for the mega backdoor roth ira.
Any thoughts, comment, or suggestions would be appreciated.
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