When are Mega Backdoor Roth Conversions Reported?

Solo 401k Question Answered – When are Mega Backdoor Roth Conversions Reported?

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Solo 401k After-Tax Conversion FAQ: If I timely make my voluntary after-tax solo 401k contribution this year for 2021, can I convert those funds to a Roth IRA or Roth solo 401k and treat is as occurring in 2021?

RESPONSE:

The contribution deadline and the conversion deadline don’t work the same. Solo 401k contributions can be made for the prior year by your business tax return due date plus timely filed business tax return extension; however, conversions including the conversion of voluntary after tax solo 401k funds to a Roth IRA or a Roth solo 401k are reported as occurring in the year the funds are converted (moved) to the applicable Roth account.

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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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