Tag Archives: Solo 401k Contributions

Can I Use My Spouse’s Income to Contribute to My Solo 401k Plan?

QUESTION: Can I contributed to my solo 401K if my wife has about 90K/year of salary? If so, what is my maxim contribution? ANSWER: No as you can only contribute to the solo 401k based on your net self-employment income, not your wife’s self-employment income. However, you may qualify for a spousal IRA contribution based […]

How to Make Solo 401k Contributions After The Deadline

Do you want to make Solo 401k contributions for 2019 but you missed the Solo 401k deadline by failing to establish the plan by December 31, 2019? No Worries! There is a workaround that will allow you to make retirement plan contributions & reduce your taxable income for 2019. This strategy takes advantages of differences […]

Can I make Solo 401k Contributions Ahead of Self-Employment Earnings?

Those that want to make solo 401k contributions before they know their total net self-employment income for the year can point to Treas. Reg. 1.401(k)-1(a)(6)(iv) for guidance.  This Reg. allows a self-employed individual to make contributions on advances that represent her distributive share of self-employment earnings. Nonetheless, the solo 401k participant should proceed with caution […]

Independent Contractor Solo 401k – SEP IRA Rollover to 401k

QUESTION: I am an independent contractor who is eligible to open a Solo 401k.  Unfortunately, I missed the December 31st Solo 401k deadline.  I currently max out my annual SEP IRA contribution (~$59k/year). If I put this $59k into my SEP IRA, how long do I need to wait before this money can be rolled […]