Former Amazonian here - just read through the pamphlet of transitioning from Vanguard to Fidelity, did i read it right that Amazon is finally offering mega backdoor?
What is mega backdoor?
Yeah , also interested in explanation
How about a little Google? Or is that now not allowed at amzn? https://thecollegeinvestor.com/17561/understanding-the-mega-backdoor-roth-ira/
Touche What is up with the aggressive attitude? The question is the chance for someone to explain it in a simple way so that others can benefit from it.
VMware employees are a bit touchy I see ๐ not enough bananas ๐ ๐ no doubt... I was looking for the shorter version then that it a good reputable source on the other side of the spectrum... but sure ๐
Don't forget that amazon often doesn't let you max your elective deferral - you may have to get 3-8k returned because it failed the non discrimination rules.
Exactly. This is supposed to make up for that.
... other companies let you do both (like ATT!), and of course G does too .
Few comments: you guys should Google what the mega backdoor is and then ask specific questions. You should also ask about deferred comp plan, some companies have them for all, some for VP or other higher levels only, some don't offer - similar to mega backdoor Ira. Next you and especially Amazon should calculate deferring your comp and living of selling long term rsus only. Can save a shit ton on taxes under the right circumstances... And please, only smart questions going forward ๐
Does this mean that now amazon employee can put it 19.5 pre-tax into pretax 401k + 10% of their after tax into Roth?
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Yes. But itโs capped at 10% of salary for extra post tax contributions. So itโs not possible to hit the actual max, which is 55k or whatever
So max 16k post tax?
Yep