Help me understand Megabackdoor Roth I’m not particularly financially literate so I’m hoping y’all can help me understand how megabackdoor Roth works. My possibly wrong understanding: Backdoor Roth contributions are for people who make above Roth IRA limits. It takes a couple of steps; basically you invest in a 0-balance traditional IRA with after-tax money, then transfer that to a…

Reporting Megabackdoor Roth/Mistake on 1099-R I haven’t filed my 2022 return yet because I have an extension for being in an IRS declared disaster area, but I think T Rowe price has my 1099-R’s screwed up. When I did the Megabackdoor Roth, I initially made all after-tax contributions of $10,000 to the 401(k) plan, and then rolled the $10,000 over to a Roth IRA before any growth happened thr…