Amend Solo 401k To Allow After-Tax Contribution - Can I Still Make 2020 Contributions?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
dublin
Posts: 266
Joined: Sun Aug 28, 2011 2:12 pm

Amend Solo 401k To Allow After-Tax Contribution - Can I Still Make 2020 Contributions?

Post by dublin »

Hello,

I have an existing Solo 401k plan that has been open for several years at Fidelity, which does not allow after-tax contributions.

I am planning to move the plan over to E-trade, which does allow after-tax contributions.

I know that my deadline for making 2020 employer and employee contributions is Oct 15 (since I extended my tax return).

Question - if I make this amendment today, would I also be allowed to make 2020 after-tax contributions until Oct 15?

Related question - should the Effective Date for my amendment of my plan adoption agreement be, say Oct 1? Or should it be Jan 1 2021, as Etrade is suggesting? Is it ok to make it Jan 1 2021 even though I've been making contributions all year so far in this account at Fidelity?
Post Reply