One benefit of being self-employed is maximizing Roth contributions via a Solo 401(k) or SEP IRA so you can enjoy a tax-free retirement.
Even though Tax Day has passed, if you filed for an extension you can still perform a Mega Backdoor Roth Solo 401(k) for the 2022 taxable year.
Exactly when to do a Roth conversion is an individual decision. IRA Financial’s Adam Bergman offers advice as to the best time to perform one.
The Mega Backdoor Roth Solo 401(k) is still a legal, retirement savings vehicle in 2022.
The major difference between a Solo 401(k) plan and the Roth Solo 401(k) plan is when taxes are levied – now or later; the choice is yours!
As of this writing, the Mega Backdoor Roth contribution is still in play. Whether that remains the case is something to be determined.