Thanks in advance for any help.
For 2025 I find myself in some new territory, I am out on disability (company policy) and the majority of my income will be nontaxable. If I do not return to work, I will have qualified income below the max Roth IRA income limit. If I return to work for only a couple months, my income will exceed the income limit. Dealing with nerve damage so no way to know when/if it will get better. Should I just do a backdoor Roth even though I might not exceed the income limit? I will be able to contribute some money to my qualified plan at work, but I will not be able to max it out if I don’t return to work.
Standby for future questions on 401k Roth conversion questions. Lots of new stuff for me to learn and educate myself this year. I have increased my savings rate just in case I do some conversions. Life insurance and health insurance remain in place and unchanged. All Disability polices remain in effect until age 65, currently 48. Any other general suggestions for me while I am in limbo waiting to see if I can return to work?
For 2025 I find myself in some new territory, I am out on disability (company policy) and the majority of my income will be nontaxable. If I do not return to work, I will have qualified income below the max Roth IRA income limit. If I return to work for only a couple months, my income will exceed the income limit. Dealing with nerve damage so no way to know when/if it will get better. Should I just do a backdoor Roth even though I might not exceed the income limit? I will be able to contribute some money to my qualified plan at work, but I will not be able to max it out if I don’t return to work.
Standby for future questions on 401k Roth conversion questions. Lots of new stuff for me to learn and educate myself this year. I have increased my savings rate just in case I do some conversions. Life insurance and health insurance remain in place and unchanged. All Disability polices remain in effect until age 65, currently 48. Any other general suggestions for me while I am in limbo waiting to see if I can return to work?
Statistics: Posted by tommywallin — Fri Dec 06, 2024 8:59 am — Replies 4 — Views 163