$100 Off Our Self-Directed Solo 401(k) Special
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I have an S corp where I am 100% owner with no employees. I would like to start a solo 401k in this company.
I am also 50% owner of an S Corp, the other owner (50%) is my son. In that company we do have w2 employees.
Am I eligible to open a Solo401 for the company I have 100% ownership ?
I invested in stocks!!! I am retiring next yr at 55 with 3 houses paid off worth 4.5 million . One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per yr through my super which gives me total $100,000 a yr to live comfortably . I have no debts … Stay Motivated!!
Quick question: Does the Rule of 55 work with a self-employed 401(k)?
He added my contribution to solo 401k with my officer compensation as my total income and tax on that amount
My account told me I have to pay self-employment tax. Why do I have to have a solo 401k if I have to pay taxes anyway?
L
Can we redirect all of the rental income into a spouse’s solo 401k who does not have a day job?
Can we fund Solo 401k from a full time employment (at least partially)? Is it a Good idea to transfer 401k funds from old employer to a solo 401k?
I have a solo 401k that I opened last year (after your deadline). Can I move the plan to your company? I feel I would benefit from a consult
You could just work with millionaires, so I appreciate your relating to the smaller startup businsses (side hussles as you call it) because this is social ustice. The small busienss really is the bedrock of the USA and this is the kind of expertise they need to be successful. I'm so grateful.
Can't tell If I qualify and by how much. I Left employment early this year, having already maxed out FICA tax, contributed $25,700 to 401k. Wife's LLC #1 has FT employees, no retirement plan, can't do SEP IRA for her this year, as we did last 2 years. LLC#1 Income ~200k net. Wife has biz #2, solo, Maybe 100k net (before pay me) but does not have enough income in #2 to max a SEP contrib. Wife pays me consulting fee out of her solo LLC, #2 to my LLC(#3,solo), (Prepping LLC #1 for sale, so family employees, kids, shifting to LLC#2 for more accurate income statements)
I can probably do a SEP based on LLC#3, up to ??? limit. I know we should income shift as much as possible to me to reduce her FICA, but what should I do for her retirement funds this year, and assuming I'll continue building her biz as a consultant, next year? (I already know I should be doing S Corp election filing, but my current accountant was too slow to get it done)
I usually just listen to the podcast, however, am glad I saw this YT thumbnail. Love it!!!! …. Thanks you fo all the information in a fun manner; you guys are awesome!
Can solo 401K contributions come 100% from the employer to avoid FICA? For example, if wages are $100K, can the employer contribute $25K with $0 employee elective deferral? Or does the employee have to contribute?
As a notary, I don't pay FICA so I don't have an S-Corp or W-2. how do I do the matching?
How do you setup a self directed 401k to rollover from a previous employer's 401k if you dont have a self employed business?
I understand if you dont have a self employed business then you cant make contributions, but if you are changing jobs instead of rolling to the new employer's 401k can you rollover a previous employer's 401k to a self directed 401k?
If no then what's the bare minimum you would have to do to maintain the solo 401k? Like do a little work for one of these gig economy apps once a week, like deliver for Uber/Doordash once a week?
Ok must say your thumbnail, Nailed it!!!! Absolutely love it
Such a great strategy, thanks for all the content guys! P.S. Best thumbnail EVER, lol!
Great information!
I might need this.