- Yes.
- Yes. assuming exactly the amounts of self-employment profit and W-2 income you indicated, otherwise the amount of your employer contribution would be a bit different. Employer contributions must be deductible, otherwise they are excess contributions subject to penalty. In this case, employer contributions appear on line 15 of Schedule 1, self-employed retirement deduction.
- Yes, this is an In-plan Roth Rollover, but it's not "for" 2020. Since it will be done in 2021, this will be reportable and taxable on your 2021 tax return. (The decrease in your taxable income on your 2020 tax return from the self-employed retirement deduction will effectively be offset by the increase in your taxable income on your 2021 tax return from the In-plan Roth Rollover). You must do the In-Plan Roth Rollover as a Direct In-Plan Roth Rollover.
‎January 2, 2021
5:15 AM
