Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [solo-401k]

66 questions
7
votes
1 answer

Solo-401k interaction with employer sponsored 401k. Limits of contribution from Schedule C income

I'm quitting a job at the end of this year. I want to start a solo-401k for all my schedule C income and I have a couple of concerns: If my employer were to, for some reason, pay me in 2015 some wages with the 401k contribution in it, it would…
OldGreg
  • 215
  • 2
  • 7
7
votes
1 answer

Moving current employer 401(k) balance into self-directed solo 401k?

Let's say my employer offers a 401(k). In general, this means I can only pick from a basket of funds to invest in. I prefer self directing my investments, and my broker offers a no-fee solo 401k. I understand that contributions to a solo 401k are…
CQM
  • 20,209
  • 6
  • 54
  • 93
7
votes
1 answer

I have a 401k loan used for a house down payment and now I am changing jobs: What should I do?

I guess this could be a cautionary tale, but I am hoping it can be remedied. I had a job that I am leaving, but I had took a 401k loan to put down on a house. I don't have the money to pay it back so my idea was this. Borrow the balance that I owe…
arinte
  • 687
  • 2
  • 7
  • 11
6
votes
2 answers

Best way to fund solo 401k account in cash crunch?

I'm Self-employed in the US. 2010 was a good year, and I am facing a big income tax bill. Will owe $18-20k in April. I can reduce that significantly if I max out my solo 401k at $45k. Haven't made any retm't contribs for 2010 yet. I won't generate…
Somebody
6
votes
1 answer

With a Solo 401(k), can you continue to contribute after ending self-employment?

Imagine this scenario: Alice is self-employed for the first half of the year. She opens a solo 401(k), contributes $20k in employer contributions, and saves $10k in cash from her earnings. She then changes jobs to a standard W2 job. Can she make…
asgallant
  • 292
  • 1
  • 9
6
votes
4 answers

Can I be my own administrator for an Individual/Solo 401k?

I'm interested in creating a company and rolling my 401K into a Solo or Individual 401k so that I can have more control over my investments. From what I've seen so far, it looks like you need an "administrator" like Fidelity or E-Trade. My question…
adam0101
  • 205
  • 1
  • 2
  • 5
6
votes
2 answers

Am I still covered by my self-employed 401(k)?

A couple years ago I setup a self-employed 401(k) plan (solo 401(k)) to handle retirement contributions made from a side hustle that my spouse and I both participated in as a qualified joint venture. However, for 2018 the side hustle was dormant…
Spig
  • 789
  • 1
  • 6
  • 14
5
votes
1 answer

Avoiding self-employment tax and maximizing retirement contributions

This is a follow-up to the answer to this question. Suppose you have a single-member LLC that makes $200k and that you would like to contribute the annual maximum of $54k to a SEP IRA. Is it possible to elect S-Corp taxation to reduce…
minou
  • 7,653
  • 4
  • 22
  • 39
5
votes
3 answers

Solo 401k eligibility

I would like to know if I am eligible to open a Solo 401k, and if so, what is the max amount I can contribute. I think I meet the requirements listed on various sites: I have started working on a 20 h/week 1099 contract which I believe makes me a…
Ady
  • 205
  • 2
  • 5
4
votes
1 answer

Do I need to start a new 401k?

I have a solo 401k for over 10 years. I had to stop working in the line of business I was doing and start in a different business. My question is do I need to start a new 401k and roll the old one into it or just keep the old one and if so do I need…
Wade H
  • 41
  • 1
4
votes
1 answer

As a Sole Proprietor, will "employer" Solo 401k contributions count towards gross income?

With a Solo 401k, I can contribute up to 25% of my income as "employer contributions." Do these contributions count toward my adjusted gross income? Example I make $100,000 in 2015. I am 55 years old. I contribute $24,000 (standard + catch up) to a…
Luke Willis
  • 289
  • 2
  • 8
4
votes
3 answers

Can I open a Solo 401(k) if I am an independent contractor but also work part-time as an employee?

I am contributing to the 401(k) at my part time job, but want to know if I can also open a Solo 401(k) to delay taxes on income from my work as an independent contractor.
rjdevereux
  • 443
  • 2
  • 11
4
votes
1 answer

Where can I find a Third Party Administrator for a self-directed solo 401K?

Following up from my question here, can anyone recommend a good Third Party Administrator (TPA) that can create/amend a non-prototype plan for a solo 401k for a flat fee? Either that, or a site that compares them? There are so many 401k sites that…
adam0101
  • 205
  • 1
  • 2
  • 5
3
votes
1 answer

Can a person running two (non-incorporated, sole-proprietor) businesses write off expenses from one and contribute to a solo 401k for the other?

I think this will be the last year I can get away with not using a tax professional, but I'd love to go one more year before I have to. My wife (filing jointly) is currently freelance consulting. Let's say she made 20k freelance consulting last…
neminem
  • 166
  • 1
  • 7
3
votes
3 answers

How to calculate the maximum contribution to a Solo 401(k) for a small side business?

My wife has been hired as an independent contractor to give language lessons. She has other teaching jobs where she receives W-2s. She contributes to a 403(b) through those jobs, but is below the $18,000 elective deferral limit. She would like to…
Eric
  • 3,652
  • 17
  • 20
1
2 3 4 5