The 2023 solo 401k setup deadline is fast approaching if your business is taxed as a C-corporation, S-corporation or an LLC taxed as an S-corporation. If you want to make employee pretax or employee Roth solo 401k contributions for the year 2023, then the solo 401k must be adopted by 12/31/2023. This means you simply need to sign the solo 401k plan documents by 12/31/2023 so that you can make a solo 401k contribution for 2023 in 2024 by your business tax return due date plus extension.
Otherwise, if you wait to open the solo 401k (i.e., sign the solo 401k documents) until 2024, you will be able to make employer profit sharing contributions and voluntary after-tax contributions but not pre tax employee or Roth solo 401k contributions. Clicke here to get started.
