Am I too late?

Forum|Forum|4 years ago
July 11, 2021
3 replies
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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?

macuser_22

Alumni - Champ

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

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.