This post discusses how much self-employment income a self-employed individual needs to maximize year 2024 solo 401k contributions for a Sole Proprietorship, Single Member LLC, 1099-NEC, or Independent Contractor self-employed business. For 2023 contributions, click here. Year 2024 Scenario #1 – Maximize Solo 401k Contributions While Keeping Self-Employment Income as Low As Possible Assumptions Self-employed […] The post 2024 How much income do I need to max out Solo 401k contributions? (Sole Prop/LLC/1099-NEC/Contractor) appeared first on My Solo 401k Financial ..read more

If you hire a W-2 employee part-time, you will not necessarily need to adjust your Solo 401k plan, provided that the employee does not meet certain criteria that would require inclusion in the plan. Specifically, a business can have W-2 employees and still maintain a Solo 401k plan as long as no W-2 employees work […] The post If we hire a w-2 employee part time, will we need to adjust our Solo401K plan? appeared first on My Solo 401k Financial ..read more

Harvard Law Attorney George Blower reviews the reasons why a Solo 401k at Fidelity/Schwab/Vanguard/E-Trade is not eligible for the Solo 401k Tax Credit. The post Solo 401k Tax Credit: Why can’t I add the auto-enrollment feature to my Solo 401k at Fidelity/Schwab/E-Trade/Vanguard so that I am eligible to claim the credit? appeared first on My Solo 401k Financial ..read more

Harvard Law Attorney George Blower reviews the considerations for those Solo 401k owners deciding whether to transfer their voluntary after-tax solo 401k contributions (Mega Backdoor Roth) to a Roth IRA vs 401k. The post Roth IRA vs 401k: Where Should I Transfer My Mega Backdoor Roth Solo 401k? appeared first on My Solo 401k Financial ..read more

This post discusses how much self-employment income a self-employed individual needs to maximize year 2024 solo 401k contributions for an S-corp., C-corp., or an LLC taxed as an S-corp, W-2 wages from the self-employed business. For 2023 contributions please click here. The post 2024 How Much Self-Employment Income Needed to Maximize Solo 401k Contributions For S-corp/C-corp/W-2/LLC Taxed as S-corp appeared first on My Solo 401k Financial ..read more

Each year the IRS sets the retirement plan limits including for solo 401k plans.  These salary/compensation limits are generally adjusted annually for cost-of-living increases in accordance with Code section 401(a)(17)(B). Solo 401k Contribution Types Employer profit sharing contributions:  Resulting from SECURE 2.0, nan now be made on a Roth basis in addition to on a pretax basis. Pretax […] The post 2024 Compensation Limits for Making Annual Solo 401k Contributions appeared first on My Solo 401k Financial ..read more

Harvard Law Attorney George Blower reviews the 2024 Solo 401k Catch-Up Contribution Limits for those age 50 or older. The post What are the 401k Catch-up contribution limits for 2024? | Maximizing Your Retirement Savings After 50 appeared first on My Solo 401k Financial ..read more

Harvard Law Attorney George Blower reviews the eligibility criteria to set up a Solo 401k for self-employed individuals, freelancers, and small business owners without a W-2 job and access to a 401k plan. The post How to Start a 401(k) Without an Employer | Set Up a Solo 401k for Yourself with or without a W-2 Job appeared first on My Solo 401k Financial ..read more

Are you considering withdrawing your Roth Solo 401(k) contributions early but worried about potential penalties? Many people are familiar with the flexibility of Roth IRA withdrawals, but the rules for Roth Solo 401(k) plans can be more complex. In this blog post, we will review the rules and considerations regarding withdrawing funds from a Roth […] The post Roth Solo 401k vs Roth IRA: Can You Withdraw Roth Solo 401(k) Contributions Early Without Penalty? appeared first on My Solo 401k Financial ..read more

Harvard Law Attorney George Blower reviews how to report Solo 401k Contributions on Form 1040 for a self-employed business taxed as a sole proprietor/1099 Independent Contractor. The post How to Report Solo 401k Contributions on Your 1040 Tax Return: A Step-by-Step Guide for Sole Proprietor/1099 Independent Contractor appeared first on My Solo 401k Financial ..read more