In this video I’m talking about the Solo Roth 401k Explained. The Roth IRA vs the Solo Roth 401k and a comparison to the traditional 401k. We will also walk through the calculation for a schedule C filer to figure out the maximum contribution to the solo Roth 401k.
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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®
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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:
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Sickle Hunter Financial Advisors
1646 W Snow Avenue
Suite 144
Tampa, FL 33606
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Solo Roth 401(k) Explained
A Solo Roth 401(k) is a retirement savings plan specifically designed for self-employed individuals or business owners with no employees, other than a spouse. This plan allows sole proprietors, independent contractors, and small business owners to save for retirement on a tax-advantaged basis.
Similar to a traditional 401(k) plan, a Solo Roth 401(k) allows participants to contribute a portion of their income to their retirement savings account. However, the main difference between a Solo Roth 401(k) and a traditional 401(k) is the tax treatment of contributions and withdrawals.
With a Solo Roth 401(k), contributions are made with after-tax dollars, meaning that income taxes are paid on the money before it is deposited into the account. This is in contrast to a traditional 401(k) where contributions are made with pre-tax dollars, and taxes are paid when the money is withdrawn in retirement.
The benefit of a Roth 401(k) is that all earnings and withdrawals in retirement are tax-free, as long as certain requirements are met. This can be advantageous for individuals who expect to be in a higher tax bracket in retirement or who want to diversify their tax liability in retirement.
Contributions to a Solo Roth 401(k) are subject to annual limits set by the IRS. For the year 2021, participants can contribute up to $19,500 to their Solo Roth 401(k), with an additional $6,500 catch-up contribution for individuals over the age of 50. These limits are subject to periodic adjustments based on inflation.
In addition to employee contributions, self-employed individuals can also make employer contributions to their Solo Roth 401(k). This allows them to save even more for retirement while also reducing their taxable income.
It’s important to note that a Solo Roth 401(k) requires more administrative work and paperwork compared to other retirement savings options, such as a traditional IRA or a SEP IRA. Participants will need to file Form 5500 annually once their plan reaches a certain asset size or participant count.
Overall, a Solo Roth 401(k) can be a valuable retirement savings option for self-employed individuals and small business owners. By taking advantage of the tax benefits and flexibility of this plan, individuals can build a secure financial future for themselves and their loved ones.
Hey Travis! Quick question: I have both a Roth IRA and a Roth 401K Solo. If my 1040 line 31 Sch C shows $8,000, how much can I contribute to each account? Appreciate your help!
If your spouse has a normal Roth IRA Can you have a Roth solo 401 k ?
How much is the employer contribution limit and is the contribution counted as a tax write off to the employer itself
Where can I open a Solo Roth 401(k)? All of the traditional brokerages(Fidelity, Vanguard, etc) I have looked at only have a solo 401(k) option. Thanks in advance!
If I fully fund my employer’s Roth 401k, can I also contribute to the solo Roth 401k?
Can I contribute now in 2022 to Solo Roth 401 as employee for 2021 year? (I now that you can as employer) [single member LLC taxed as sole proprietor]
Can I contribute the entire $19500 to solo Roth 401k in the beginning of year, or I can only contribute after I have earned the money?
Can I rollover my employment 401k to a solo 401K? I'm getting ready to retire early and won't collect SSI until November. But I do plan on having a small business out of my home to sell crafts. Can I do it under these circumstances? If so how? Can I roll it over to a 401K with fidelity? Thank you for answering my questions I greatly appreciate it this is confusing.