Is there a max on total tax deferred savings?

[btollefsonmd]

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?

[jacoavlu]

Yes you can do backdoor Roth.

Short answer is no. There’s no limit. There are various limits but you can always get another job and have access to more deferred space.

[bean1970]

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.

[btollefsonmd]

Thanks for the quick responses.  I'm in the process of doing my first backdoor roth contribution.  It's much easier than I thought it would be.  I wish I had learned about this option years ago.  Seems like a lot of financial advisers don't know about the backdoor roth...how can that be?

[jacoavlu]

Define “financial advisor”...

[Hank]

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.