Yes! Mega Backdoor Roth Solo 401k and Roth IRA 2021/2022 Lives!

Biden announced on December 16, 2021 that Senate will take up Build Back Better in 2022, resulting in the mega backdoor (both the conversion of voluntary after-tax 401k funds including solo 401k to the Roth IRA or the Roth solo 401k as well as the conversion of non-deductible IRA funds to the Roth IRA) not being banned for 2022. This means you can continue to make voluntary after-tax contributions and converting them to the Roth!

Video Slides:

Good News for 2021

By not passing the Build Back Better (BBB) budget bill in 2021 and punting to take it up in 2022, 401k including solo 401k tax payers can now take their time to both make voluntary after-tax solo 401k contributions in 2022 for 2021 by their business tax return due date plus business return extension provided the solo 401k plan is adopted by the December 31, 2021, so here in the next couple of weeks. CLICK HERE to learn more about the around the corner solo 401k adoption/setup deadline.

Also Good News for 2022

What is more, due to the BBB not passing in 2021, the solo 401k tax payer will still be able to also make voluntary after-tax contributions in 2022 for the 2022 tax year and subsequently convert the contribution to the Roth IRA or the Roth solo 401k in 2022, as if the bill passes in 2022 in its current form would not longer allow for the mega backdoor strategy beginning in 2023.

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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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