29 Comments

1. 

   Travis Sickle on July 30, 2022 at 5:45 pm

   More on the SEP-IRA to help you decide https://www.youtube.com/watch?v=T8Qc0nrwUQs

2. 

   Rain Banx on July 30, 2022 at 5:45 pm

   Hello Travis, can I have both SEP IRA and SEP 401k combined as Single Member LLC, S-Corp?

3. 

   Todd Hinson on July 30, 2022 at 5:45 pm

   Isn't a SEP IRA still the best option if you are a Single Member LCC (No employees) and your yearly earning from the business is very high? For instance, if your Single Member LCC business makes $500,000 in 2022, 2023 and 2024, you can place the maximum Federal allowable amount in a SEP IRA. If 2025 is a bad year, you are not obligated to put any money into your SEP IRA. Therefore the flexibility in this case of not contributing in "down years" but optimizing your contributions during "up years" is a benefit of using a SEP IRA over a Solo 401, correct?

4. 

   Drew Talbert on July 30, 2022 at 5:45 pm

   This was very helpful, thank you!

5. 

   Cary Walski on July 30, 2022 at 5:45 pm

   Thank you!!! I was hoping there was a way to do this. I pay myself a relatively low (but still reasonable) salary and take the rest in distributions. The downside has been how little I can contribute to my SEP-IRA. This could make a huge difference for me.

6. 

   Puneet Jajoo JR on July 30, 2022 at 5:45 pm

   Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
   Thanks to fire movement.

7. 

   NaturalBeautyHealthy on July 30, 2022 at 5:45 pm

   Where the $19,500 came from? I thought we can only do 25% from the W-2

8. 

   NaturalBeautyHealthy on July 30, 2022 at 5:45 pm

   good timing to come to your channel. I am plan to open Sep IRA account this week. Thanks for the info, explaining very clear. Also subscripted your channel.

9. 

   Coach Yam yam on July 30, 2022 at 5:45 pm

   Who can do a solo 401k? Do you have to be filed under an LLC or an s-Corp?

10. 

    MrPrFcT on July 30, 2022 at 5:45 pm

    I am a realtor and Notary. I am leaning Towards the solo or self employed 401k for most of the reasons you outlined. But like most business owners I wait till the end of the year to see the tax situation. What is the deadline for a 1099 employee under the solo 401k? I am told it’s dec31 but I read otherwise. Not looking to do an s-corp at this time.

11. 

    asmoov on July 30, 2022 at 5:45 pm

    I’m not sure where to go to get a solo 401k so it was a lot easier to find a and set up my Sep Ira

12. 

    Steven Aguirre on July 30, 2022 at 5:45 pm

    Hello!, thank you for the informative video. I am currently trying to make an informed decision regarding whether to pick a SEP or Solo 401-K. I am a Notary Public in California and do not pay SE Tax. For a similarly situated person, would you still advise a Solo 401-K over a SEP? If so, why?

13. 

    B W on July 30, 2022 at 5:45 pm

    Why did you subtract 1/2 of the self employment tax for the SEP? Isn’t the self employment tax 15.3%??? I’m confused with your math on the SEP.

14. 

    Kona Boyz on July 30, 2022 at 5:45 pm

    I get a kick out of this clown he calls changing to an escorporation a small change what an idiot people like him and all others don't even know how to read a balanced sheet or reconcile their personal or business bank account this is a freaking joke.

15. 

    luigimpt on July 30, 2022 at 5:45 pm

    Hi Travis, After watching your video I'm thinking of moving money and stocks in my SEP to a Solo 401K. The problem is that I just did a contribution into the SEP for 2021 and I even bought some stocks (but I have not filed my taxes for 2021 yet) Once I moved the SEP into the 401K I should be able to contribute more into the 401 for 2021 . My concern is that will the IRS think I have two retirement accounts SEP and 401 for 2021? wha will be the correct procedure to close the SEP and make the contribution I made in the SEP for 2021 count as contribution for my 401K? Thanks !

16. 

    Stephen C on July 30, 2022 at 5:45 pm

    Hey man. I like this video. I’m just really starting to attempt to educate myself on this type of stuff. I have a couple questions if I’m lucky enough for you to see this comment and for you to respond… Lol… So with everything that you said in this video… Brass tacks, with a solo 401(k), can I contribute say… $20,000 per year? Also, what is the interest/ROI? Where is or what is the interest based on? The S&P? Some other fund? And finally… What is the tax rate on savings of a solo 401K?

17. 

    lamarodom on July 30, 2022 at 5:45 pm

    What do you recommend if I have employees and don’t want to go with sep ira? What’s the next best option?

18. 

    Franklin Ayala on July 30, 2022 at 5:45 pm

    Hello Travis, thank you so much for the informative video. Do you do consulting? Any way i could contact you? Highly appreciated.

19. 

    Jeffery Danger on July 30, 2022 at 5:45 pm

    How do you get 7, 065 on the 100K income. I thought it was half

20. 

    Cristan Vergottini - Cohen on July 30, 2022 at 5:45 pm

    what happens if i open a solo 401k and then end up bringing on employees later on?

21. 

    asmoov on July 30, 2022 at 5:45 pm

    Where can I get a solo 401k from

22. 

    TRI CALL YOUR MAMA on July 30, 2022 at 5:45 pm

    I’m a bit lost, so for solo 401(k), we can now open and find the account up to April 15, 2022 for the 2021 tax year? I thought deadline was 12/31/21?

23. 

    Grant Smith on July 30, 2022 at 5:45 pm

    Hello! I don't understand where the $7065 (1/2 self-employment) number comes from for SEP IRA? Thanks! 1:21 mark

24. 

    FlaschDJ on July 30, 2022 at 5:45 pm

    I am a Sole Proprietor. Previously, I used a SEP IRA. This year I opened a Solo 401k. I did so, so I reduce my taxable income. I did not, however, change my business type to an S corporation.

25. 

    M P on July 30, 2022 at 5:45 pm

    what are the cost/fees differences for running a solo 401k vs sep ira??

26. 

    Ashley Petersen on July 30, 2022 at 5:45 pm

    This is amazing information, thanks for sharing. I just learned more in this video from you than any CPA I’ve ever worked with.

27. 

    Quinn Kirsop on July 30, 2022 at 5:45 pm

    Thanks Travis! Quality video as always.
    Do 1099 employees count in the SEP IRA and/or Solo 401k calculations? Or W2 only?

28. 

    Dr Todd Sullivan on July 30, 2022 at 5:45 pm

    For the Solo 401k, do part time employees disqualify you from participating. My wife and I are full time employees in my practice but we have two part time employees that each work 20 hrs per week.

29. 

    CT saldana on July 30, 2022 at 5:45 pm

    Whats the are some of the best solo 401k company you recommend and why?