While the SECURE 2.0 extended the solo 401k set up deadline to April 15, 2024 for a sole proprietorship, an LLC taxed as a sole proprietorship as well as a 1099-NEC, it is alway best to open the solo 401k by 12//31/2023 so that you don’t forget to take advantage of the favorable solo 401k contribution limits.
Therefore, by signing the solo 401k plan establishment documents including the Adoption Agreement by 12/31/2023 or by 04/15/2023, you will be able to both open and fund the solo 401k holding accounts (i.e., the bank or brokerage accounts) by the business tax return including extension. Click here to get started.
