If we did the after tax voluntary contribution (with the intention to roll it over to back door Roth) but don’t get it rolled over before the year ends, what happens? Can we do it after Jan 1? If not, is that now just a separate retirement account w our employer (did mine w McKinsey, after maxing out Roth $19500)
Depends on what happens with build back better.
Watching this...
I've read a dozen articles with conflicting information, ranging from "only after-tax contributions will be stopped, and only for high AGI" to "all conversions to Roth of after-tax contributions will be stopped, regardless of income"
(The latter from Forbes among others)
Ah, I didn't mention I have another, pre-tax IRA with 200K in it. So the pro-rata tax is 93%
Yes you can do it anytime unless the build back better act passes by 12/31, which seems less likely by the day. I'd still do it as soon as you can as even if BBBA doesn't pass now it might in 2022 or they might close the backdoors through a separate retirement bill.
There is also the possibility the BBB passes in '22 but applies retroactively