Blog Post – http://www.lifeplanningtoday.com/selfemployed-solo-401k-a-dream/
Email me today with questions or to set up your plan: brad@fortunefinancialgroup.com

The dream retirement plan (Solo 401k) for self-employed people!
Solo 401(k)s are a super flexible retirement plan that lets you maximize your contributions with little or no plan costs.By definition you are both the employer and the employee. Therefore, you can contribute to the plan in two ways.

Learn about best ways to invest money in 2018. And don’t forget to visit and learn more here: http://www.lifeplanningtoday.com

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17 replies
  1. Crucible
    Crucible says:

    What if I own multiple LLCs but I'm the only member, zero employees, only me contributing each year. would I have to setup for each LLC, or does it all roll up into one contribution as a disregarded entity and I can just create one 401k. Not clear on that.

    Reply
  2. Doc B
    Doc B says:

    Can you use the solo 401k for the employee contribution and continue to use an existing SEP for the employer contribution? I Assume that you can do both with a solo IRA so is there an advantage of doing it one way over the other?

    Reply
  3. John Blackwell
    John Blackwell says:

    Great rundown! You mentioned this also helps with FICA. Could you discuss that some more? What about the scenario where no payroll is being paid currently in a Partnership? Wouldn't this require you to start paying payroll and incurring a new FICA liability, as well as the headache of processing payroll?

    Reply
  4. Threelly AI
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    Reply
  5. Brad Rosley
    Brad Rosley says:

    Hi M Sully, thanks for question. What your spouse may have for a retirement plan has no impact on the Solo 401k. If you have self-employment income you can take advantage of this retirement plan.

    Reply
  6. Larry Emert
    Larry Emert says:

    We started a solo 401k and love it. but we are no ready to invest and want to know if we can transfer the funds from our solo 401k that's in a trust account into our existing IRA account. We had someone make our solo 401k plan so we are the trustees and custodian. I just don't want to do anything we're not allowed by the IRS. Any help would be appreciated. I would even pay you for your time if you think you can really help us out. We are maxing out the solo 401k every year.

    Reply
  7. Push Play Athletics
    Push Play Athletics says:

    I am about to retire from my federal job… can I roll my TSP (Thrift Savings Plan) into a solo 401K…I am also self employed and I retire 31 December 2018.  I want all the tax savings that I can get…

    Reply
  8. Brad Rosley
    Brad Rosley says:

    Thanks for watching and the question. The employer contribution is tax deductible at the employer level. It can’t be made as a Roth contribution. You may want to keep them in separate accounts or at least make sure the EE Roth and employer contributions are accounted for correctly.

    Reply
  9. Rebecca
    Rebecca says:

    If you're married and your spouse is your business partner (with no employees), do you have to have a 401K for each spouse and contribute the same amount for both spouses?

    Reply

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