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neha1
Level 2

Am I too late?

I filed an extension on my taxes in the spring and am just completing them now. I intended to make solo 401k and HSA contributions as well as convert a traditional 401k to a Roth 401k last year. Is it too late to do these for tax year 2020?

4 Replies
macuser_22
Level 15

Am I too late?

Yes.   Those had to be completed by Dec, 31, 2020.  An extension is only to file the paperwork. 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Mike9241
Level 15

Am I too late?

yes, you are too late for contributing to HSA or SOLO 401(k) for 2020. the latest date was 5/17/2021. however, if you filed a timely extension for your 1040 then you have until 10/15/2021 to contribute to a SOLO 401(k) but not your HSA.

 

 

you can only convert a traditional 401(k) (you're an employee) to a ROTH 401(k) if your plan allows it but it can be done at any time. you will owe income taxes on the amount converted.

 

 

neha1
Level 2

Am I too late?

Thank you, super helpful!

Opus 17
Level 15

Am I too late?

Your 401(k) conversion would be reported as of the date it happens.  It can't be backdated like the other items you listed. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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