Roth Solo 401k In Plan Conversion | Expiration Bush Tax Cuts

QUESTION:  I know that the Bush tax cuts recently expired. Did this have an effect on what amount of income including self-employment income I can generate in order to process an in-plan Roth Solo 401k conversion?

ANSWER:  To process an in-plan Roth Solo 401k conversion, there is no income limit which is the same case for Roth IRA conversions. Further, unlike Roth IRA contributions that are subject to income limits, there are no income limits for making Roth Solo 401k contributions.

2013 Roth IRA Income Limits for Roth IRA Contribution Purpose

YearIf your tax status is…You can contribute to a Roth IRA if your Modified adjusted gross income is less than…
2013Married, filing jointly$188,000
2013Single$127,000

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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