How does ROTH 403(b) contribution effect ROTH contribution?
For context. I am 34 y/o just graduated residency and am starting fellowship this year. My previous employer offer a 403(b) retirement plan which allow both pre and post tax contribution. I am transferring the pre tax money into a Fidelity IRA and the post tax into a Fidelity ROTH. For this tax year I contributed about $1500 to the post tax 403(b).
I would like to max out my ROTH contributions this year before I have to start using the back door. My question is how much am I able to contribute to my ROTH. Is it $6000 minus $1500 (the post tax amount I contributed to the 403(b) this tax year) or am I allowed to contribute the full $6000? I received different answers from customer support at Empower and Fidelity.
Thank you in advance.
For context. I am 34 y/o just graduated residency and am starting fellowship this year. My previous employer offer a 403(b) retirement plan which allow both pre and post tax contribution. I am transferring the pre tax money into a Fidelity IRA and the post tax into a Fidelity ROTH. For this tax year I contributed about $1500 to the post tax 403(b).
I would like to max out my ROTH contributions this year before I have to start using the back door. My question is how much am I able to contribute to my ROTH. Is it $6000 minus $1500 (the post tax amount I contributed to the 403(b) this tax year) or am I allowed to contribute the full $6000? I received different answers from customer support at Empower and Fidelity.
Thank you in advance.
Comment