Tag Archives: SEP IRA

Self-Employed 401k Question Answered – If I already have a SEP IRA Can I Open a Solo 401k for 2022?

 I have a single member LLC taxed as a sole proprietor.  I have been contributing to a SEP IRA and have already filed my 1040 for 2021.  I just learned I can do a Solo 401k in an LLC.  Am I correct in thinking that I can establish a Solo 401k for 2022, fund it in 2023 before my 1040 is due (with extension), and fund it 100% with after-tax contributions up to $67,500?  My Schedule C Line 31 will be over that amount and I over 50 years of age.

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 […]

Compare SEP IRA vs. Solo 401k – Advantages of a Solo 401k

We often hear from small business owners who are comparing a SEP IRA vs. Solo 401k.  For those who qualify for the Solo 401k, they will almost always find that a Solo 401k has certain features that make it the better option.  This post highlights several key advantages of a Solo 401k vs. SEP IRA. […]

Sole Proprietor Plan Establishment Deadline for Self-Employed Plans – Solo 401k, SEP IRA and SIMPLE IRA

There are different types of plans available for sole proprietors and each have different plan establishment deadlines.  Plan establishment is completed when the sole proprietor has signed all of the required opening documents appropriate for that type of plan. Defined Contribution Plan: Solo 401k Plan (also known as an Individual 401k) A solo 401k plan […]

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