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Level 2
posted Jul 11, 2021 12:46:57 PM

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?

0 4 748
4 Replies
Level 15
Jul 11, 2021 4:43:10 PM

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

Level 15
Jul 11, 2021 5:57:08 PM

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.

 

 

Level 2
Jul 16, 2021 1:03:27 PM

Thank you, super helpful!

Level 15
Jul 16, 2021 3:59:39 PM

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