I'm currently maxing out 3 tax deferred accounts (ORP, 403b, 457). Can I still do the backdoor roth (no other IRA accounts)? I've been told that there is a max on the total amount that you can contribute to tax deferred accounts per year...any truth to that?
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The answer is no.
The IRS has limits on employee contributions, employer contributions and maximums into pre-tax spaces. IRS limits contributions into post-tax IRAs. Tax-deferred space includes other space like annuities which there is no limit on contributions. so the answer is no.
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The “financial advisor” doesn’t know about (or doesn’t mention) something where he or she doesn’t get a commission or asset under management fees? Shocking. Next you might say he or she doesn’t give unbiased advice about paying off student loans, buying a practice, paying off a mortgage, or investing in a 529 for the kids.
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