Tax Planning its that time.
QUESTION: Another question. In a solo 401K plan, can I make a contribution to the Roth, without having any compensation for the year? I know I can in a Regular IRA Roth, up to $6,500, due to my age. 🙂
ANSWER: In order to make contributions–whether pre-tax or Roth 401k contributions– to a solo 401k, you must have earned income from the self-employed business that sponsors the solo 401k.
On another note, in order to make contributions to a Roth IRA, earned income is also required.
Thanks, Matt in Virginia