Self-Employed 401k – Do I still have time to make 2021 Mega Backdoor Roth Solo 401k contributions?

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Self-Employed 401k Question: I am a sole proprietor company and I extended my tax return for 2021 to October 2022.  Do I still have time to make Mega Backdoor Roth Solo 401k contributions for 2021?

RESPONSE:

Great question!

One of the top reasons that self-employed persons open Solo 401k plans with us is the ability to make Roth and even Mega Backdoor Roth Solo 401k contributions.

Certainly, if the plan was set up by 12/31/2021 you would have preserve the right to make all types of contributions by the 2021 business tax return deadline including any timely filed extension.

Likewise, as long as a self-employed person sets up a Solo 401k plan by 12/31/2022 such person will preserve the right to make all types of Solo 401k contributions (including employee and employer) by the business tax return deadline including timely filed extension in 2023.

Click HERE to learn about the deadline to set up a plan for 2022.

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About George Blower

I have the privilege of educating our clients about our products and services so that they can make informed and confident decisions about their financial future. Prior to joining My Solo 401k Financial, I served as the general counsel for a subsidiary of a Fortune 500 financial services company. Learn more about George Blower and My Solo 401k Financial >>

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