Form 1099-NEC For Self-Employment Income for Opening a Self-Directed Solo 401k and Making Contributions

6 Comments

1. 
   Posted August 21, 2021 at 2:14 am | Permalink

   Thanks for the information, I have a question though.
   I have a single member LLC, Can I open for my spouse a solo 401k if she gets 1099 nec from my LLC , or she has to have a W2 ?

   Reply
   • 
     Posted August 21, 2021 at 8:08 pm | Permalink

     If your LLC employs full-time W-2 employees then no because of the controlled group rules outlined in the following link: https://www.mysolo401k.net/solo-401k/solo-401k-controlled-group/

     Reply
2. 
   Posted January 30, 2022 at 12:25 am | Permalink

   Can income from a 2021 1099-Misc form, as well from a 2021 1099-NEC form be contributed to a solo 401K? The 1099-Misc relates to 2021 income from an employer that I retired from in 2020.

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3. 
   Posted March 13, 2022 at 12:43 am | Permalink

   I am a 1099-NEC (Freelancer or independent contractor). Can I open a solo 401K. If yes. What form do I report this contribution and what is the max amount I can contribute.
   Thanks.

   Reply
4. 
   Posted April 14, 2022 at 4:06 pm | Permalink

   I receive 1099-NEC as the sole earned income and are very interested in putting the income into the self employed 401K to reduce the Adjusted Growth Income (AGI) on the next year tax return.
   1. Am I eligible for the self-employed 401K ?
   2. Do I have to setup (open) a sole proprietorship (with a separate tax ID) for this ? I currently get paid to my name and SS#. I read somewhere, that it is ok using my mane and SS# without a sole proprietorship as long as the 401K account has less than $250K.
   Thanks.

   Reply
5. 
   Posted April 15, 2022 at 12:48 am | Permalink

   I’m the owner of my LLC, no employee, I have 1099-NEC, can I have solo 401k? I heard only W-2 works, not 1099-NEC, is that true? Thank you

   Reply