If you will be making Roth contributions, you will need to open two brokerage accounts: one for traditional (pre-tax) contributions and one for Roth (after-tax) contributions. If you already have a Single(k) plan with us and want to begin making Roth contributions, please open an additional brokerage account and title it [Your Company’s Name] Roth…
No. In order to provide for Roth contributions, a 401(k) plan must also offer pre-tax contributions. All profit-sharing contributions are pre-tax.
In general, you can roll over your Roth 401(k) to another Roth 401(k) or a Roth IRA. If you want to roll your money into another Roth 401(k), you should first make sure the receiving 401(k) plan can accept it.
No. Because of the complicated nature of after-tax contributions and pre-tax earnings, your plan does not allow in-service withdrawals from your Roth account.
Do Roth contributions need to be reported separately from wages, tips and other compensation on the Form W-2?
Yes. Contributions to a Roth account must be reported separately in box 12 of the Form W-2: “Wage and Tax Statement.”
With Single(k) you are responsible for keeping track of money going in and out of your 401(k) plan to ensure that limits are not exceeded and for government reporting purposes. You are also responsible for any government reporting (Form 1099-R and Form 5500EZ). We can help you with your reporting (for a $195 fee) or…