Can I contribute to both a Solo 401k and a Roth IRA in the same year

Yes the IRS rules allow for both Roth Solo 401k and Roth IRA contributions in the same year/same time.

Tax year 2019 Roth Solo 401k & Roth IRA contribution limits:

For Roth Solo 401k, $19,000 made if under age 50. If age 50 or older, you can contribute an extra $6,000 catch up amount for a total of $25,000.   

For Roth IRA, $6,000, or $7,000 if age 50 or older.   

COMPLIANCE NOTE: Both Roth Solo 401k and Roth IRA contributions are not tax-deductible, but contributions and earnings are both tax free when distributed provided the distribution rules are met.

COMPLIANCE NOTE: Roth IRA contributions are limited if your income exceeds a certain amount. For that limit CLICK HERE.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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