Am I still able to convert a portion of my Traditional IRA funds to my ROTH IRA for Last Year at this point in time?

ANSWER:

No, as just like IRA to Roth IRA conversions, the conversion of solo 401k funds (wether pretax or after tax funds) to a Roth IRA or to the Roth solo 401k for that matter are reportable for the year in which the funds or assets are actually converted. You can’t proess a conversion this year and count as a conversion occurng in the prior year(s), for example.

What is more, per the IRS rules in order to convert pretax solo 401k funds to a Roth IRA, you have to be age 59 1/2 or older. However, if you are converting pretax solo 401k funds that stem from IRA funds that were previously transferred to the solo 401k plan, those can be converted this year to a Roth IRA. If you qualify based on the aforementioned, see the following regarding processing a conversion of pretax solo 401k funds to a Roth IRA. https://www.mysolo401k.net/pretax-solo-401k-to-roth-ira-conversion-form/

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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