Tag Archives: Individual 401k

Reporting Self-Directed Solo 401k Contributions on TurboTax

BACKGROUND & QUESTIONS I have run payroll for $51,000 through my LLC.I have allocated $9000 for the employee contribution and the same was reflected in my w2.Now I am planning for an employer contribution, which is 25% of the W2 income $51,000, that calculates to $12,750. Now I can fund my solo 401k retirement account […]

Individual 401k | Solo 401k | Pooling Retirement Funds for Real Estate Investment

Question regarding Individual 401k/Solo 401k Real Estate Investment Rules  My wife & I are freelance graphic designers in Phoenix, Arizona & seeking to open a Solo 401k.  Our goal with the 401k is to buy real estate rental properties.  I understand that my wife and I would each have separate accounts under our Solo 401k plan. […]

Can an S Corporation Have an Individual 401k?

Question: My partners & I have a consulting business that is organized as an S-corporation. Are we eligible to set up an Individual Solo 401k plan for our business? Answer: A Solo 401k plan is a 401k plan for owner-only businesses with no full-time w-2 employees (other than the owner(s)). The IRS clearly recognizes that […]

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