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Schwab After Tax to Roth Conversion
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4 Replies
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Top ForumsSolo 401k -
Top ForumsSolo 401k, Daily Live Webinar
Thank you for your good post!
Please see the general procedures to make a voluntary after-tax Solo 401k contribution and then transfer to a Roth IRA here: https://www.mysolo401k.net/mega-backdoor-roth-solo-401k-transfer-to-roth-ira/
Please see more regarding the process to transfer from a brokerage account at Schwab for voluntary after-tax solo 401k funds to a Roth IRA at Schwab: https://www.mysolo401k.net/solo-401k/ho-to-process-a-charles-schwab-conversion-of-voluntary-after-tax-solo-401k-funds-to-a-charles-schwab-roth-ira/
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Top ForumsSolo 401k, Mega Backdoor Roth Solo 401k
I also have a mysolo401k plan and use Schwab as my custodian. All my accounts are in Schwab so I was able to use the form below.
I used the “Move Assets From My Schwab Account” form. Here’s the link I used: https://client.schwab.com/secure/file/P-11464928/APP98793INTL-01_Move-Assets_fill_0720.pdf
I then scanned and uploaded the filled out form into Schwab’s secure upload message system and selected my After Tax sub account as the account and “Move Money” as the topic for the message.
I attached the form to the secure message and in the body of the message I wrote something like,
“I am making the following movement of money:
Move X amount from my After Tax account -xxx into my Roth Account -xxx (can be Roth 401k sub account from your plan or Roth IRA)
I will have my plan administrator prepare the appropriate tax documents.”
Then I let mysolo401k compliance know about the conversion using their forms so that I could obtain 1099R for tax reporting. https://www.mysolo401k.net/learn/forms/
You can always email mysolo401k to ask for help and they will guide you through everything as they did with me.
