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Eligibility & Advantages of The Individual 401k Plan (Solo 401k Plan)
An Individual 401k as often referred to by other names such as Solo 401k or Personal 401k.
Who is eligible to open an Individual 401k (Solo 401k)?
You and your spouse can both open in an Individual 401k, but there can be no common-law, full-time employees in the business. Employees who work fewer than 1,000 hours each year can be excluded from participating in the Individual 401k.
It's important to note that only a spouse, who is receiving income from the business or a business partner is allowed to participate. In other words, both a business partner and a spouse (if they are two different people) cannot participate in an Individual 401k (Solo 401k).
What type of business must I own to qualify for an Individual 401k (Solo 401k)?
Your business has to satisfy the following:
- Self-employed in a business without any common-law, full-time employees,
- You have part-time employees who work less than 1,000 hours per year
- You're trying to put away as much as possible for retirement!
Company types that can adopt an Individual 401k (Solo 401k):
Fortunately, any type of business entity is eligible to establish an Individual 401k (Solo 401k), including the following:
- Corporations (including both subchapter S and C corporations)
- Limited Liability Companies, which generally are treated for federal tax purposes as partnerships.
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