Top ForumsSolo 401k, Mega Backdoor Roth Solo 401kJuly 4, 2021 at 2:23 pm
Is it true:
If you are over 60 years old, doing your first ROTH conversion, that the 5 year clock starts the day you convert your very 1st dollar?
a second 5 year clock does not occur the next year, or anytime thereafter, if you do another conversion?
Is this the case, if you are over 60 yrs old, for both basic ROTH conversions & Mega Back Door Roth Conversions?
Top ForumsPrivate: My Community Webinars, Mega Backdoor Roth Solo 401kJuly 5, 2021 at 3:23 am@Roberta
For someone who is 60 years or older in the year of the first in-plan Roth Solo 401k conversion, the 5-year clock would start January 1st of the year of the first conversion (whether from pre-tax or voluntary after-tax funds) and a second clock would not start for subsequent conversions.
Top ForumsMega Backdoor Roth Solo 401kJuly 28, 2021 at 8:24 am
Top ForumsPrivate: My Community Webinars, Mega Backdoor Roth Solo 401kJuly 28, 2021 at 8:30 am
I assume that you are referring to the requirements to make a qualified distribution from a Roth Solo 401k such that the distribution would be tax-free.
In order to qualify the person must be both 59.5 years of age (or due to death/disability) AND met the 5-year requirement. Please see more What is a Qualified Roth Solo 401k Distribution? – My Solo 401k Financial
Top ForumsMega Backdoor Roth Solo 401k
Top ForumsPrivate: My Community Webinars, Mega Backdoor Roth Solo 401kJuly 28, 2021 at 9:06 am
Please see the following post that responds to your question: The 5-Year Roth Solo 401k Rule Rollover to a Roth IRA – My Solo 401k Financial
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