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Roth IRA to solo 401k question
Posted on 2/20/16 at 1:04 pm
Posted on 2/20/16 at 1:04 pm
If I were to roll 16-17k I have in a ROTH IRA into a SOLO 401K I have for my small business/sole proprietorship, is that amount tax deductible? What if I withdraw from the Roth and contribute to the solo?
3
Posted on 2/20/16 at 1:40 pm to Saint5446
No idea to your question but just have to high five you on the solo 401K. Greatest little baby!
53K tax free a year (if you have the income) is amazing. And if you have a reasonable basis to say your wife contributed to earning the income - that can double.
53K tax free a year (if you have the income) is amazing. And if you have a reasonable basis to say your wife contributed to earning the income - that can double.
Posted on 2/20/16 at 10:31 pm to igoringa
Right on, accountant knew what he was talking about!
Posted on 2/21/16 at 6:37 am to Saint5446
Roth's are after tax dollars so I don't think it is the best idea to rollover Roth money into solo 401K money.
I've had both and each has a role.
I've had both and each has a role.
Posted on 2/21/16 at 1:04 pm to makersmark1
Solo 401k is great as stated above but be careful about abandoning or rolling over your Roth. As post taxed money you can pull it out tax free at retirement. Solo 401k, regular 401k, Sep-Ira are tax whenever you withdraw.
Posted on 2/22/16 at 9:21 am to Saint5446
You would have to cash out the Roth, so that you could make a tax deductible contribution with the proceeds. There may or may not be penalties on the withdrawal depending on whether or not you have gain in the roth.
If your Solo 401k provider has a Roth provision in your plan, you could rollover the Roth IRA into the plan, but it would not give you a tax deduction. It would just continue to grow tax-free.
If your Solo 401k provider has a Roth provision in your plan, you could rollover the Roth IRA into the plan, but it would not give you a tax deduction. It would just continue to grow tax-free.
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