Can I have a Solo 401k if my business has employees?

October 19, 2022 | By George Blower

Self-employed Solo 401k FAQ – Can I have a Solo 401k if my business has employees?

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Solo 401k FAQ: Can I have a Solo 401k if I have employees?

Can I open a Solo 401k if my business has employees?

RESPONSE

Yes as long as such non-owner w-2 employees don’t meet the eligibility requirements (i.e. w-2 employees working 1000 hours per year with 1 year of service or 500 hours per year for 3 consecutive years starting in 2021 or later).

Tags: employees, self-directed 401k, self-employed 401k, Solo 401k

About George Blower

I have the privilege of educating our clients about our products and services so that they can make informed and confident decisions about their financial future. Prior to joining My Solo 401k Financial, I served as the general counsel for a subsidiary of a Fortune 500 financial services company. Learn more about George Blower and My Solo 401k Financial >>

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