@dmertz I just found this:
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"Designated Roth nonelective contributions and designated Roth matching contributions. SECURE 2.0 Act section 604 permits certain nonelective contributions and matching contributions that are made after December 29, 2022, to be designated as Roth contributions. The reporting instructions that apply to designated Roth contributions (which are made in lieu of elective deferrals) do not apply to designated Roth nonelective contributions or designated Roth matching contributions. Instead, designated Roth nonelective contributions and designated Roth matching contributions must be reported on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., for the year in which those contributions are allocated to an individual’s account." https://www.irs.gov/forms-pubs/secure-20-act-changes-affecting-amounts-reported-on-the-2023-forms-w-...
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So for employer contribution (is it so-called backdoor roth 401k conversion) we're supposed to report it using 1099-R for the roth conversion. And before the conversion for single-member LLC or sole proprietorship we don't report the employer contribution on schedule C, we should put it on the previous screenshot along with employee contribution so that the employer portion could show up on schedule 1 line 16. So the solo 401k may get a deduction because they're on schedule 1 but when converting to roth, would have to pay taxes. I can add the 1099-R form using Turbotax home & biz desktop. Here is a video on how to fill it out. https://www.youtube.com/watch?v=KrNHyh2ura0
https://etrade.com/ retirement team said they can provide a document which would allow us to transfer from traditional 401k to roth 401k. Hope this solves most of the problem @dd90 . We have to calculate ourselves but IRS provided formula https://www.irs.gov/retirement-plans/one-participant-401k-plans
We still have until October 2024 to open accounts, contribute and file 2023 solo 401k roth contribution, right? But the deadline to e-file to IRS seems to be march 31, 2024? https://www.tax1099.com/1099-deadline
Can we still convert tradition IRA to roth IRA for 2023 for any possible reason???
