Tom Posted June 9, 2022 Posted June 9, 2022 This may be a good year to consider an in-plan Roth conversion within one's 401(k), provided the plan document allows. If someone converts now and the market drops a lot further, can they reverse their conversion before the end of the year? I recall this was possible a few years ago. If it is allowable, it may also depend on the record keeper. Thank you, Tom
Lou S. Posted June 9, 2022 Posted June 9, 2022 Pretty sure conversions were made irrevocable some time ago by law. Forget which law. Luke Bailey 1
CuseFan Posted June 9, 2022 Posted June 9, 2022 Agree w/Lou, thought that was prohibited a few years back. Luke Bailey 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
pmacduff Posted June 9, 2022 Posted June 9, 2022 From the ever popular Google search: "Can you undo a Roth conversion in 2021? You can't reverse your decision Today, recharacterization of converted Roth funds is prohibited by the Tax Cuts and Jobs Act. In other words, there's no going back once the conversion is done." Luke Bailey 1
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