Can an independent contractor have a solo 401k?
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- เผยแพร่เมื่อ 3 ต.ค. 2021
- Can a 1099 independent contractor have a solo 401k? In this video I'm talking about the solo 401k for the self employed, 1099 independent contractor and their eligibility into using a solo 401k for their retirement.
I'm also talking about the contribution limits, additional Roth IRA savings, income limits, and the solo 401k contribution calculation.
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This was informative..the calculation with 20% earned income was helpful…however, I got lost at the end when you said you can use it for Roth account and the contribution limits don’t apply like they do for the solo 401k…have to watch again
July 12, 2023
@ Travis Sickle, Great, informative videos.... I am an independent contractor, receive a 1099, and I am living overseas where I incur only US tax liability, working through a US based company. I just opened a Solo 401k, using my LLC and an EIN in an attempt to save more for retirement. I believe I meet all the requirements, but I have 1-2 questions just to ensure that I am 100% doing this the correct way.
To date, my salary all comes to my personal bank account. This bank account is not formally linked to my LLC. Does this matter? I am in my first year of this position, and I have not received my first annual 1099 form; however, does this form need to list my LLC name and LLC registered mailing address, vice my personal name and mailing address under ‘recipient’? The 1099 also lists my TIN, and not a LLC’s EIN. Does any of this matter, as long as I am a legitimate 1099 employee and a sole proprietor/employee of an LLC?
I appreciate any assistance/information!
I don’t understand so as a 1099 person if I made 30k hypothetically before write offs could I put 19.5k into the solo 401k
I opened a solo 401k and put in $7,000 to try to reduce my tax bill, but it was reduced by only $400. Does that sound right? Now, $7,000 is stuck in a retirement account just to save me $400.
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@Travis Sickle Can one still contribute employee portion (19.5k) for tax yr 2020, if solo 401k is not setup by dec31,2020.please advise
Sole prop yes. It’s due by 10/15 and the secure act changed that date too so December setup is irrelevant
Also as long as you have the income.
@@TravisSickle thanks
How do you fund it if you are paid directly ? I want to contribute to the after tax only. Roth 401k.
Sounds like you are a 1099 so through a solo 401k.
If you need help doing it, we can do it. Call our office. 813-321-6423
What if I have S corp but I don’t do W2, I pay tax based on Schedule C, can I still have solo 401k if I have S corp but no w2 ?
It sounds like you may need more guidance. I don't think you're doing it correctly.