Employee Deferral – $20,500
Employer Contribution – $40,500
Catch-up Contribution – $6,500
Total Contribution Limit – $61,000 or $67,500 for those age 50 and older
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Email me today with questions or to set up your plan: brad@fortunefinancialgroup.com
The dream retirement plan (Solo 401k) for self-employed people!
Solo 401(k)s are a super flexible retirement plan that lets you maximize your contributions with little or no plan costs.By definition you are both the employer and the employee. Therefore, you can contribute to the plan in two ways.
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This was one of the best explanations I've ever heard…perfect and simple…thank you so much
Is this info still accurate?
Thank you for informative videos. I'm just learning about the Solo Roth 401K. Is it possible to buy crypto in this?
I am 68 and self-employed.
Learning about Solo 401k suggests the following strategy to me.
Comments will be greatly appreciated.
————-
Business profits + SS + IRA WDs (voluntary or RMD) push me into higher brackets.
To remain in lower brackets, I’ll make MAGI-reducing contributions to a Solo 401k.
1)_Is this permissible?
2)_Is this sensible?
This strategy seems to afford me fine control of my tax bracket.
How can I hire you for financial planning? I need it ASAP.
If unable to max out to the contribution limits in a given year, is it best that prioritize the employer contribution rather than the employee contribution to lower the self-employment tax liability?
Can you have a solo 401K if you have a home business and are employed by someone else. Basically, I have a home based business but I also work FT for the state. Can I still do a solo 401K?
I have 2 w2 employees with my s-corp. So I can't set up a solo 401k unless I 1099 them?
What if I own multiple LLCs but I'm the only member, zero employees, only me contributing each year. would I have to setup for each LLC, or does it all roll up into one contribution as a disregarded entity and I can just create one 401k. Not clear on that.
Can you use the solo 401k for the employee contribution and continue to use an existing SEP for the employer contribution? I Assume that you can do both with a solo IRA so is there an advantage of doing it one way over the other?
If your wife also has her own s Corp solo 401k. Can you each pay $18k to each other. So $36k each per s Corp.
I believe you can contribute upto 56k in 401k from 2019. Some info may be outdated.
Great rundown! You mentioned this also helps with FICA. Could you discuss that some more? What about the scenario where no payroll is being paid currently in a Partnership? Wouldn't this require you to start paying payroll and incurring a new FICA liability, as well as the headache of processing payroll?
Do you know any good providers of solo roth 401k?
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Love your contents! Would like to know if the employer have to contribute to all the employee? Thanks
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Thanks!!!
Hi M Sully, thanks for question. What your spouse may have for a retirement plan has no impact on the Solo 401k. If you have self-employment income you can take advantage of this retirement plan.
What about phase-out limits on that $18,500 if a spouse is covered by a retirement plan from their employer? Same rules apply?
We started a solo 401k and love it. but we are no ready to invest and want to know if we can transfer the funds from our solo 401k that's in a trust account into our existing IRA account. We had someone make our solo 401k plan so we are the trustees and custodian. I just don't want to do anything we're not allowed by the IRS. Any help would be appreciated. I would even pay you for your time if you think you can really help us out. We are maxing out the solo 401k every year.
I am about to retire from my federal job… can I roll my TSP (Thrift Savings Plan) into a solo 401K…I am also self employed and I retire 31 December 2018. I want all the tax savings that I can get…
Thanks for watching and the question. The employer contribution is tax deductible at the employer level. It can’t be made as a Roth contribution. You may want to keep them in separate accounts or at least make sure the EE Roth and employer contributions are accounted for correctly.
Great video. Very helpful. Can I ask, what about a Roth solo 401k? Is the first 18,000 made with after tax money but the 25 percent from the "employer" side still tax deductible?