Can a 1099 independent contractor have a solo 401k? In this video I’m talking about the solo 401k for the self employed, 1099 independent contractor and their eligibility into using a solo 401k for their retirement.
I’m also talking about the contribution limits, additional Roth IRA savings, income limits, and the solo 401k contribution calculation.
—————————————————–
Join this channel to get access to perks:
—————————————————–
/////////////////////////////////////////////////
Get answers FASTER…
Join this channel to get access to perks:
—————————————————–
Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE
Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.
TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website:
twitter: @travissickle
Instagram:
Facebook:
LinkedIn:
Sickle Hunter Financial Advisors
1646 W Snow Avenue
Suite 144
Tampa, FL 33606
Check out Google Business Profile
——————————————————-
Gear Used in Videos
Income Protection: You have a 1 in 4 chance of becoming unable to work due to disability. Your
Breeze Disability Insurance policy will replace part of your lost income if and when you need it. Apply here
Partnership referral links
Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis
Seeking Alpha *ONLY $99 ($̶2̶3̶9̶) for the annual plan*
All Amazon links are affiliate links
____________________________________________________________________________
Information in this video is for educational and entertainment purposes only.
sicklehunter.com/disclosures
____________________________________________________________________________
#travissickle…(read more)
LEARN MORE ABOUT: Qualified Retirement Plans
REVEALED: How To Invest During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
I don’t understand so as a 1099 person if I made 30k hypothetically before write offs could I put 19.5k into the solo 401k
How do you fund it if you are paid directly ? I want to contribute to the after tax only. Roth 401k.
@ Travis Sickle, Great, informative videos…. I am an independent contractor, receive a 1099, and I am living overseas where I incur only US tax liability, working through a US based company. I just opened a Solo 401k, using my LLC and an EIN in an attempt to save more for retirement. I believe I meet all the requirements, but I have 1-2 questions just to ensure that I am 100% doing this the correct way.
To date, my salary all comes to my personal bank account. This bank account is not formally linked to my LLC. Does this matter? I am in my first year of this position, and I have not received my first annual 1099 form; however, does this form need to list my LLC name and LLC registered mailing address, vice my personal name and mailing address under ‘recipient’? The 1099 also lists my TIN, and not a LLC’s EIN. Does any of this matter, as long as I am a legitimate 1099 employee and a sole proprietor/employee of an LLC?
I appreciate any assistance/information!
@Travis Sickle Can one still contribute employee portion (19.5k) for tax yr 2020, if solo 401k is not setup by dec31,2020.please advise