How to Make Solo 401k Contributions After The Deadline

Do you want to make Solo 401k contributions for 2018 but you missed the Solo 401k deadline by failing to establish the plan by December 31, 2018?

No Worries! There is a workaround that will allow you to make retirement plan contributions & reduce your taxable income for 2018.

This strategy takes advantages of differences in the deadlines to establish IRA accounts and a Solo 401k for 2018.  While you would have needed to establish a Solo 401k by December 31, 2018 in order to make contributions for 2018, you still have time to establish and make 2018 contributions to a Traditional IRA and/or SEP IRA.

By taking the following steps you can still make 2018 contributions even if you missed the Dec. 31st deadline:

Solo 401k Contribution Deadline “Workaround”

  • Step 2 – Open a traditional and/or SEP IRA at the financial institution of your choice and make your 2018 contribution before the deadline.

    • Traditional IRA: You may be able to contribute up to $5,500 (or $6,500 if you’re age 50 or older) on or before April 15, 2019.  Click HERE for more information regarding contribution limits and deadlines for Traditional IRA accounts.
    • SEP IRA: You may be able to contribute up $55,000 for 2018 on or before the due date of the federal tax return for your business (including a timely filed extension).  Click HERE for more information regarding contribution limits and deadlines for SEP IRA accounts.
  • Step 3 – Rollover funds from your Traditional and/or SEP IRA account to your new Solo 401k.

    •  The My Solo 401k Financial team will handle the transfer process as part of our services for no additional charge.

Please contact us at (800) 489-7571 or info@mysolo401k.net to get started.

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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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