Harvard Law Attorney George Blower leads an in-depth discussion of the Solo 401k Contribution rules to help you determine how much self-employment income you need to make to maximize Solo 401k contributions. This webinar is geared towards self-employed businesses taxed as Partnership, Multi-Member LLC (1065/K-1).

Chapters:
4:11 Eligibility
6:41 Solo Top Benefits
7:45 Use Case: Frugal Investor
8:22 Use Case: Roth Maximizer
9:49 Use Case: Large Account Holder
10:13 Use Case: Alternative Investor
11:10 Use Case: “Rainy Day” Investor
12:30 Solo 401k Contribution Limits
28:33 Scenario No. 1: Keep My Income as Low as Possible
31:08 Scenario No. 2: Keep My Income
33:32 Scenario No. 3: Maximize Pre-tax Contributions
35:30 Scenario No. 4: Maximize Roth Contributions
38:47 $1500 Solo 401k Tax Credit

*​**Free Solo 401k*** Learn how opening a Solo 401k in 2024 will qualify you to claim a $1500 tax credit including a $500 credit on your 2024 taxes and then another 2 years after that for a total of $1500.

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The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:

-The highest contribution limits for any defined contribution plan including up to $69,000 (or even $76,500 if you are 50 or older) for 2024.

-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.

-401k participant loans of up to $50,000

-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.

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In order to maximize your contributions to a Solo 401k plan for the year 2024 as a member of a partnership, multi-member LLC, or 1065 entity receiving K-1 income, it is important to understand the income thresholds and contribution limits set by the IRS. A Solo 401k plan is a retirement savings account designed for self-employed individuals and small business owners with no employees other than themselves and their spouse.

For the tax year 2024, the maximum contribution limit for a Solo 401k plan is $61,000 for individuals under the age of 50, and $67,500 for individuals aged 50 and older. This includes both employee elective deferrals and employer contributions. However, the maximum contribution limit is subject to certain income thresholds and limitations.

In order to maximize your contributions to a Solo 401k plan as a member of a partnership, multi-member LLC, or 1065 entity receiving K-1 income, you will need to have sufficient income from self-employment to cover both the employee and employer contributions. Employee elective deferrals can be made up to 100% of your self-employment income, with a maximum of $20,500 for individuals under the age of 50, and $27,000 for individuals aged 50 and older.

In addition to employee elective deferrals, you can also make employer contributions to your Solo 401k plan, which are limited to 25% of your net self-employment income (net earnings from self-employment minus half of your self-employment tax), up to the overall contribution limit of $61,000 or $67,500, depending on your age. This means that in order to maximize your contributions to a Solo 401k plan, you will need to have a sufficient level of self-employment income to cover both employee and employer contributions.

It is important to note that contributions to a Solo 401k plan are subject to annual IRS limits and regulations, so it is advisable to consult with a financial advisor or tax professional to ensure compliance with the rules and to maximize your retirement savings potential. By understanding the income thresholds and contribution limits for a Solo 401k plan, you can take advantage of this powerful retirement savings vehicle to secure your financial future.