Question: Let's say I make 20K in my self employment business. I make over 6 figures from a full time w-2 job. How do I handle quarterly taxes for that 20k throughout the year if I want to defer all of it to a solo 401k? Do I need to make the payments or is there something to submit and say you are deferring that income that was generated during a specific quarter? Thanks
Hi, I'm the owner and only member of my small business LLC, I paid by 1099-NEC, not W-2. The CPA said SOLO 401K only works for W-2 not 1099-NEC, is that true? Thank you!
I am more of a swing trader. But my Solo 401k through Fidelity has essentially functioned like my Roth IRA through them. I have been able to buy and sell whatever I want through the parameters of Fidelity.
You can trade fairly short term, but cannot use margin in an IRA account. So this means you have to wait for one trade to clear before making another one.
So if I make $50000 and put $25000 total into my solo 401k, do I put only $25000 on my w2 and $25000 on my 941s? I am 57 years old, so I would save 12.4% and 2.9% for SSI or $3825, this sounds too good to be true! Please answer all of these questions, I would greatly appreciate it.
Probably the best I've watched so far. Thank you!
Great to hear! We're happy you found it helpful. If you'd like to learn more, download our free guide: try.trustetc.com/self-directed-solo-401k/
John I've watched many videos and you explain by far better then all others and I thank you for that sir
Question: Let's say I make 20K in my self employment business. I make over 6 figures from a full time w-2 job. How do I handle quarterly taxes for that 20k throughout the year if I want to defer all of it to a solo 401k? Do I need to make the payments or is there something to submit and say you are deferring that income that was generated during a specific quarter? Thanks
Hi, I'm the owner and only member of my small business LLC, I paid by 1099-NEC, not W-2. The CPA said SOLO 401K only works for W-2 not 1099-NEC, is that true? Thank you!
Can you rollover or transfer solo-k from Vanguard into a self-directed solo-k at Equity Trust?
yes
Can you day trade within a Self Directed Solo 401k if you have at least $25k? I really like buying in and out of volatile stocks in my Roth IRA.
I am more of a swing trader. But my Solo 401k through Fidelity has essentially functioned like my Roth IRA through them. I have been able to buy and sell whatever I want through the parameters of Fidelity.
@@brianc9036 Awesome, thanks for the help!
You can trade fairly short term, but cannot use margin in an IRA account. So this means you have to wait for one trade to clear before making another one.
So if I make $50000 and put $25000 total into my solo 401k, do I put only $25000 on my w2 and $25000 on my 941s? I am 57 years old, so I would save 12.4% and 2.9% for SSI or $3825, this sounds too good to be true! Please answer all of these questions, I would greatly appreciate it.
I have an S corp, but it is just me now
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