QUESTION 1: If we want to convert our solo 401k's to Roth solo 401ks, what paperwork do we need to fill out and by when?
We are considering doing this on jan 1, 2014.
ANSWER: The in-plan Roth solo 401k conversion form would need to fill out prior to the in-plan conversion. Click here to learn about the Roth solo 401k conversion process.
QUESTION 2: Additionally do solo 401ks allow for recharacterization (converting back to regular solo 401k if you decide to) within a year or so, as IRAs allow for?
ANSWER: Unlike the Roth IRA conversion rules, the Roth solo 401k conversion rules do not permit recharacterazations. Click here to learn more.
We are considering doing this on jan 1, 2014.
ANSWER: The in-plan Roth solo 401k conversion form would need to fill out prior to the in-plan conversion. Click here to learn about the Roth solo 401k conversion process.
QUESTION 2: Additionally do solo 401ks allow for recharacterization (converting back to regular solo 401k if you decide to) within a year or so, as IRAs allow for?
ANSWER: Unlike the Roth IRA conversion rules, the Roth solo 401k conversion rules do not permit recharacterazations. Click here to learn more.
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