Hi. Can I just convert my solo 401k to my roth ira without converting to roth 401k? And in case solo 401k, can only employer contribute to it? Thank you so much❤❤
Good to know that the $250K threshold for 5500 is for all accounts in plan. We are husband-wife S-Corp that are just considering solo 401k vehicle and will likely have (3) solo 401k accounts each for traditional, roth and voluntary after-tax. Now you are making me wonder about the 2023 $66K contribution limits....would that be $66K each or total for a husband-wife S-Corp. Thanks so much!
Each person, i do the same, $66k for me, $66k for spouse. We have a total of 6 accounts. The important reason to have that after tax account is for the conversions since it’s possible to do after tax info the traditional but it then would get the pro rata calculations.
@@TravisSickle ah, so if we were to rollover $10K from old SEP-IRA into solo 401K, for the purpose of eventually converting to Roth, which solo 401K account should those SEP-IRA funds land in? That pro-rata rule always confuses me. I know that the purpose of rolling a SEP-IRA into a solo 401K is to avoid that pro-rata rule when converting to Roth, right? But I know that there must be a tax-event somewhere because that would be converting pre-tax funds (SEP-IRA) to after-tax funds (Roth). Thanks Travis!!
Hey Travis, thnx for the video! I’m self employed and I’m running into this problem where I have only Roth IRA. I will open the solo Roth 401k. So you saying deposit into the solo Roth 401k and then transfer to Roth IRA?
@@TravisSickle This is great video! So I think E*Trade has no fee for solo 401k and Roth solo 401k. Not sure whether it allows you to do the provision to allow for roll over the non-deductible solo 401k into the Roth solo 401k? if so, could you do a video to show us the steps and what paperwork needed? Thanks
A lot of kids in my community are over 18 and live with their parents. Publication 501 states the standard deduction for Other Dependent for $1100, in Table 8 which never spells clearly on which line# on Form 1040 should be reported. Can you help? Try to call IRS direct line - busy and no luck!
Maybe you can help me... I contributed to a roth IRA and i have a workplace 401k. I made with selling of stocks over what is allowed to put money into a roth ,but i did contribute to one durring the year. Can I move this to a traditional ira and then take it as a tax deduction. Subscribed...thankx for any help.
Great video, Travis! Yes, you must keep in mind the pro-rata rule for conversions BUT NOT for an IRA rollover into a 401(k) (no pro-rata rule for those)
What Finiancial institution do you recommend opening the Roth 401k and Roth IRA through.
Which do you use and recommend.
Fidelity?.
schwab. I'm an investment advisor and we open our client's accounts through schwab.
Hi. Can I just convert my solo 401k to my roth ira without converting to roth 401k? And in case solo 401k, can only employer contribute to it? Thank you so much❤❤
Good to know that the $250K threshold for 5500 is for all accounts in plan. We are husband-wife S-Corp that are just considering solo 401k vehicle and will likely have (3) solo 401k accounts each for traditional, roth and voluntary after-tax. Now you are making me wonder about the 2023 $66K contribution limits....would that be $66K each or total for a husband-wife S-Corp. Thanks so much!
Each person, i do the same, $66k for me, $66k for spouse. We have a total of 6 accounts. The important reason to have that after tax account is for the conversions since it’s possible to do after tax info the traditional but it then would get the pro rata calculations.
@@TravisSickle ah, so if we were to rollover $10K from old SEP-IRA into solo 401K, for the purpose of eventually converting to Roth, which solo 401K account should those SEP-IRA funds land in? That pro-rata rule always confuses me. I know that the purpose of rolling a SEP-IRA into a solo 401K is to avoid that pro-rata rule when converting to Roth, right? But I know that there must be a tax-event somewhere because that would be converting pre-tax funds (SEP-IRA) to after-tax funds (Roth). Thanks Travis!!
Hey Travis, thnx for the video! I’m self employed and I’m running into this problem where I have only Roth IRA. I will open the solo Roth 401k. So you saying deposit into the solo Roth 401k and then transfer to Roth IRA?
Good theoretical info Travis. Could you pls make a demo video how to setup these retirement plans so that I can
walk with you.
You mean like actually filling out the paperwork?
@@TravisSickle This is great video! So I think E*Trade has no fee for solo 401k and Roth solo 401k. Not sure whether it allows you to do the provision to allow for roll over the non-deductible solo 401k into the Roth solo 401k? if so, could you do a video to show us the steps and what paperwork needed? Thanks
@@gabyzhu7710 you'll need custom plan docs to do the 401k strategies I mentioned. If you need help, call our office. 813-321-6423
A lot of kids in my community are over 18 and live with their parents. Publication 501 states the standard deduction for Other Dependent for $1100, in Table 8 which never spells clearly on which line# on Form 1040 should be reported. Can you help? Try to call IRS direct line - busy and no luck!
Maybe you can help me... I contributed to a roth IRA and i have a workplace 401k. I made with selling of stocks over what is allowed to put money into a roth ,but i did contribute to one durring the year. Can I move this to a traditional ira and then take it as a tax deduction. Subscribed...thankx for any help.
Here you go, ua-cam.com/video/DG49u4--3Ew/v-deo.html
Man I’m just getting into investing and am having a real hard time understanding.😂
join memberships and ask questions. ua-cam.com/channels/LoIaI_vPPWX47TamcxtP_A.htmljoin
Great video, Travis! Yes, you must keep in mind the pro-rata rule for conversions BUT NOT for an IRA rollover into a 401(k) (no pro-rata rule for those)
Right, exactly as in the video.