SEP IRA vs Solo 401k Explained
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- เผยแพร่เมื่อ 12 ก.ย. 2022
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W2 and 1099 income question.
I contribute fully( 22500) to my w2 employer sponsored 401k ( with match) and have about 60 k of 1099 income as sole proprietor . What is better for my 1099-sep or solo 401k in terms of contribution limits ?
Can I contribute the full 60k to my solo 401 k ?
If I do sep instead, I can only do 20 % of income that is 12 k right ?
Travis, this video provides so much value. Thank you!
Where/how do I open up a solo 401k with custom planned documents to make sure a mega backdoor roth is possible?
Link to custom plan docs in description…they’re the same docs I use. You can use them almost anywhere.
I can't see the docs? @@TravisSickle
Do i have to do employee defferal from the same bank account i make employer part of the contribution ?
I started with a SEP then eventually opened a Solo K. I still have a balance in my SEP. Can I transfer that to the pre-tax side of my Solo K?
Great video!!! do you have a service for advising on solo 401's... Keep up the great work!!
We do…. www.sicklehunter.com
Where does one enter the Roth solo 401k on their taxes (not a traditional, a roth)
I have a traditional 401k setup through a biz I own that’s been maxed at the employee contribution limit of $22500 + 4% matching.
Appears a SEP goes to $66k. Can I do a SEP as well?
Second, what’s the best way to max out my wife’s share of our limits between now and year end if we haven’t done anything on her side?
depends on a few things but the solo may still be a better option. You can still get $66k contributed but it will be employer funded + after tax which means you can contribute more at lower net profit amounts. If you have a solo 401k and your wife has income from the business she can also contribute up to $66k or total income amount, whichever is lower.
that solo would also avoid the pro rata rule associated with IRA's. so you could also contribute to either without those issues. A spousal contribution is also possible, meaning the income could be technically yours and contributed for her. This is not the case for the SEP.
I have a Holding Structure, (C Corp) in the umbrella company I am only an employee 100K Salary. In a subsidiary (S Corp)I am also an employee with a lower income50K Salary.. Can I have a Sep IRA and a 401k in each of the companies separately? And if so, where should I open the Sep IRA and where should I have the 401k? Your Videos is amazing
A lot of moving parts here. Would need to know a bit more. Basically you have to understand control groups and affiliated companies as well.
I'm assuming that SECURE Act 2.0 makes it so you can make the employer to the Roth side soon right?
Yes
@@TravisSickle looks like the act passed, so now I can do solo 401k and put both employer and employee contributions into the same Roth 401k account?
You are a legend, thank you
😎
Could I have both a solo 401K and SEP IRA for my small business?
No, there would also be no additional benefit even if you could.
That sounds great, assuming your tax rate is lower when you retire. My strategy is similar but different in that I open LLC scorp company Enable to put $6,500 for Traditiona roth iral than put more to SEP IRA which allows continuation upto $57k annually instead of $6.5k Traditional limits imposed by government Which made it difficult to retire with wealth by limiting annual contributions to only $6,500. My prediction is that the tax rate will be much higher than it is now in 10 years. Good luck.
Why did you choose the SEP over solo 401k?
@@TravisSickle sep allows up to over 60k a year
@@mobleyMobley 66k for under 50 years old in 2023, but that doesn't answer the question. You can contribute more into a solo 401k than you can in a SEP IRA at incomes under 330k.
@@TravisSickle if you also contribute to a 401(k) plan through a W-2 employer, overall maximums apply to individuals
Can you do a video on filling out the IT-2104?
I haven't but maybe in the future. Thanks for the suggestion.
Travis, it's obvious to me, Solo 401K is best, forget SEP IRA !!
FINALLY! someone gets it. my job is done here.
Had to get rid of the 401k solo, because too much paper work to do every year, forget it! Don't understand the 401K, SEP no paperwork at all!
hmmm...what paperwork after setup? form 5500 but not much else. Please share, I'm curious.
If I pay myself a W2 and employ my wife as W2 would solo 401K still make more sense? Business makes around 300K prior to all taxes and expenses. Around 100K after. Thanks!
Depends on how much you want to save.
@@TravisSickle as much as possible ofcourse lol
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