[USER]

Hey, I apologize if this is a basic question, but I’m currently a W2 employee at a company and am maxing out my 401k contributions.

I make roughly $165k a year and also max out my Roth IRA via backdoor conversions.

I also have a side business at the moment (hopefully will be my main income in the future) structured as a sole owner LLC.

Is there any way for me to make additional contributions to any type of retirement account outside of my company 401k and Roth IRA in excess of the 23,500 and 7,000 respectively limits?

Thanks.

[Sean]

Solo 401k. You don’t want a sep ira because then you’ll be subject to pro rata taxation on your backdoor Roth IRA.

Set up a custom solo 401k that allows for megabackdoor Roth contributions as well.

And as previously mentioned, you’ll also be able to do employer contributions as well.

[Bill]

Second the solo 401k. You’ve maxed the employee contribution, but as an employer you can also contribute on that side.

[Rick]

Don’t overlook an AMA (amazing brokerage account) and its ability to be a retirement account with features and benefits other account types called retirement do not offer.

[Hilary]

Check your employer 401k and see if it allows in-plan conversions to Roth 401k for after-tax contributions …. you can then probably contribute above the 23,500 (up to a total around 70k including your employer contribution) in after-tax contributions and they automatically convert to the Roth 401k funds …

[Meg]

Ask if your company offers the mega backdoor Roth option (or after tax contributions).

Also, an HSA is an option if you have an eligible healthcare plan

[Author]

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