I am so happy I came across your videos. I am a full-time teacher who started doing freelance work last May. I didn't realize it was going to grow into a pretty nice 1099 side income. Because I do writing from my home, I have very few expenses to offset my side income. It was only early this week that I learned about the solo 401k. After watching some of your videos, I am going to open a solo 401k to try to keep more of the side income I made. Thank you for the excellent content.
I just spoke to fidelity & for tax year 2022 and for the Self-directed sole proprietor "employer Contribution" , you can make contributions still till 4/18/23. Do you agree?
@@TravisSickle I have watched several videos about the solo 401k recently, and most said only the employer can contribute in 2023 to 2022 until tax filing day or the extension, but you and one other financial expert say both the employee and employer can still contribute to 2022. Would you mind pointing me to a link or additional information on that? Thank you.
@TravisSickle- great summary. Did you say Sch C filers can open and fully contribute for 2022 if they still have time to file 2022 taxes with extension? E.g like most of my California clients this year. Or does that not go into effect until after SECURE 2.0 where the plan doesn't need to be open yet--again for Sole-Prop?
I did say that in this video. At the time it was debated if we could open and fund it with the employee deferral. Secure 2.0 Section 317 has clarified it and said yes, but effective for tax year 2022. Here is the video cued up to section 317 ruclips.net/video/PT1oC6OJr0Y/видео.htmlsi=QX-7WPwSZlLYirw7&t=1074
Travis, thank you for the information you provide in such an understandable and professional format. I've got a quick question. I am self-employed, 1099 currently and am creating an S Corp. If I started a solo 401k now to make 2022 contributions, can I transfer that solo 401k to my new S Corp once I create that later this year? Or does this not matter as the solo 401k would be created for me, the individual, with my EIN and later I would just be restructuring to be hired by my new S Corp as a W2 employee? Thanks!
![How to calculate solo 401k contributions [Self Employed Retirement Plan]](http://i.ytimg.com/vi/CFGgHCpD0uw/mqdefault.jpg)
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
Update to deadlines in Secure Act 2.0 ruclips.net/video/PT1oC6OJr0Y/видео.htmlsi=QX-7WPwSZlLYirw7&t=1074
I am so happy I came across your videos. I am a full-time teacher who started doing freelance work last May. I didn't realize it was going to grow into a pretty nice 1099 side income. Because I do writing from my home, I have very few expenses to offset my side income. It was only early this week that I learned about the solo 401k. After watching some of your videos, I am going to open a solo 401k to try to keep more of the side income I made. Thank you for the excellent content.
Thank you!
You're welcome!
Great info.
Glad it was helpful!
I just spoke to fidelity & for tax year 2022 and for the Self-directed sole proprietor "employer Contribution" , you can make contributions still till 4/18/23. Do you agree?
No, you can do it up until tax filing deadlines which include extensions. However, I was not on the call so I can’t speak to their answer.
You can also do both employee and employer contributions.
@@TravisSickle thanks for your expertise
& great video
@@TravisSickle I have watched several videos about the solo 401k recently, and most said only the employer can contribute in 2023 to 2022 until tax filing day or the extension, but you and one other financial expert say both the employee and employer can still contribute to 2022. Would you mind pointing me to a link or additional information on that? Thank you.
@TravisSickle- great summary. Did you say Sch C filers can open and fully contribute for 2022 if they still have time to file 2022 taxes with extension? E.g like most of my California clients this year. Or does that not go into effect until after SECURE 2.0 where the plan doesn't need to be open yet--again for Sole-Prop?
I did say that in this video. At the time it was debated if we could open and fund it with the employee deferral. Secure 2.0 Section 317 has clarified it and said yes, but effective for tax year 2022. Here is the video cued up to section 317 ruclips.net/video/PT1oC6OJr0Y/видео.htmlsi=QX-7WPwSZlLYirw7&t=1074
Travis, thank you for the information you provide in such an understandable and professional format.
I've got a quick question. I am self-employed, 1099 currently and am creating an S Corp. If I started a solo 401k now to make 2022 contributions, can I transfer that solo 401k to my new S Corp once I create that later this year? Or does this not matter as the solo 401k would be created for me, the individual, with my EIN and later I would just be restructuring to be hired by my new S Corp as a W2 employee? Thanks!
No, you can update it to reflect the change without having to open a new solo 401k.
So what about the student loan forgiveness? I heard it was cancelled.
So I have a corporation first year filing. S type
What do you think will be my best strategy for tax savings?
Thanks