Tag Archives: open a solo 401k

The Solo 401k December 31, 2020 Set up/Adoption Deadline

The 2019 SECURE Act extended the deadline to adopt a Solo 401k plan from the end of the year to the business tax return deadline including any timely filed extension. However, in order to make solo 401k employee contributions for 2020 in 2021 by the business tax return due date plus timely filed business tax […]

Income Not Considered Self-Employment Income for Opening or Making Annual Solo 401k Contributions

The following income is not considered earned income from self-employment; therefore, it does not qualify for participating in a solo 401k plan or for making annual contributions to a solo 401k plan. Alimony Pay stemming from divorce Earnings and profits from property and investments, such as rental income, interest income, and dividend income Deferred compensation […]