Open a Solo 401k Plan for Multiple Self-Employed Businesses


I’m a blessed business owner with 3 businesses and I’ve always maxed out my traditional IRA. My CPA is suggesting I open another form of retirement and I’d rather stay away from the stock market.  I am the sole owner and only employee of all my businesses.


A solo 401k is for owner-only businesses with no full-time W-2 employees.  Therefore, as long you don’t employee any full-time W-2 employees in any of your businesses, you could setup a solo 401k plan and make contributions to it based on the aggregate net self-employment income from all of your businesses.

For 2020

With a Solo 401(k), depending on your salary and age, you could contribute $57,000 per year or $63,500 for those 50 or older in 2020.

For 2021

For 2021, the contribution limit increased to $58,000 or $64,500 if age 50 or over.

Solo 401k contributions are based net- income from self-employment (i.e. you can’t contribute more than you make).

Based on the information that you presented above, you can set up a Solo 401k and take advantage of the following features of our plan:
  • Make 2020 contributions up to $57K (or $63.5K if you are 50 or) provided that you sign up by 12/31
  • Mega Backdoor Roth contributions
  • 401k participant loans including preparation of loan documents for no additional charge
  • Invest in alternative investments with checkbook control including real estate, cryptocurrency, notes, etc

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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