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New Roth Solo 401k Conversion Rules for 2013 | American Taxpayer Relief Act of 2012 | In-plan conversion

by Mark Nolan on 01/03/13

New Roth Solo 401k Conversion Rules for 2013 | American Taxpayer Relief Act of 2012 | In-plan conversion

Passed by Congress on January 1, 2013 and signed into law by the president on January 2, 2013, the American Taxpayer Relief Act of 2012, lifted the following restrictions from Roth Solo 401k conversions (also known as in-plan rollover to designated Roth Solo 401k account):

Pursuant to Sec. 902 of the newly passed ATRA, effective for tax year 2013 and after all eligible rollover distribution amounts in a Solo 401k can be converted to a Roth Solo 401k. This includes the following types:

  • Employer profit sharing contributions (under the old law, you had to wait until you attained age 59 ½ and  after the contributions had been in the Solo 401k plan for at least 2 years), and
  • all salary deferral amounts (under the old law, you had to wait until you reached age 59 ½).
Closing comments:
Under the prior law, only funds rolled over from IRAs and qualified plans could be converted to a Roth Solo 401k without the above restrictions.

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