Tax advantaged investing

[goldstone]

I'm trying to learn what tax advantaged investment opportunities may be available to an individual who has a H1B visa and who become US tax resident for 2023 but who will probably be returning to Canada in a few years. He has a 401(a) pension at his workplace.

I have three questions and greatly appreciate any advice on them or suggestions for good places to research these questions.

1. Is it correct that he could put $ 6500 per year into an IRA or Roth IRA ?
2. Are there any other tax advantaged vehicles he could utilize ?
3. What are the tax consequences on these investment vehicles if he returned to Canada ?

Thanks very much for any help.

[MarkTwels]

Other tax-advantaged options might include HSAs (Health Savings Accounts) or certain employer-sponsored plans. However, tax implications upon returning to Canada can vary. Seeking advice from a cross-border tax specialist is key—they can help navigate the complexities and guide you toward the most beneficial strategies tailored to your situation. Research-wise, checking official IRS resources and consulting with financial advisors who specialize in international taxation could provide valuable insights!

[MarkTwels]

Firstly, for IRAs, the contribution limit of $6,500/year is valid if under 50 (for catch-up contributions). Also, exploring how to backdoor Roth IRA might interest you—it involves converting non-deductible Traditional IRA contributions into a Roth IRA for potential tax benefits.

[MarkTwels]

MarkTwels wrote:
> Firstly, for IRAs, the contribution limit of $6,500/year is valid if under
> 50 (for catch-up contributions). Also, exploring how to backdoor Roth IRA(https://www.physicianonfire.com/backdoor/)
> might interest you—it involves converting non-deductible Traditional IRA
> contributions into a Roth IRA for potential tax benefits.
Other tax-advantaged options might include HSAs (Health Savings Accounts) or certain employer-sponsored plans. However, tax implications upon returning to Canada can vary. Seeking advice from a cross-border tax specialist is key—they can help navigate the complexities and guide you toward the most beneficial strategies tailored to your situation.

[stephanysims]

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