How to Setup a Solo 401k as a Business Owner
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- Опубликовано: 11 фев 2019
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Business Owners start planning for your financial freedom. The Solo 401k is one of the most powerful ways to build other streams of income. I'll give you 5 reasons why.
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Great stuff guys.
Glad you enjoyed it
Thanks for the info.... question...
I have a good paying full time job and I want to take advantage of the sole 401k because of the self directed aspect. That said, can I run a open up a trading account and consider that my small business (I’ll be loading up on growth/dividend stocks)?
Thanks,
Nate
Awesome video, picked up " The Tax & Legal Playbook " and wanted to know if you wouldn't mind doing a video on ( Defined Benefit Pensions )
Great idea. Will do. mjk
Great video...but guys: sell a sweater and get a second pen.
Lol... It's was cold and snowing that day!! But I like the second pen idea too. :)
Do you have to issue a W2 to yourself in order to do this?
What do you do if you want to have a 401k but your company doesn’t offer it?
Can you setup a solo 401k if your business only makes $10k a year and then fund the roth 401k and after tax contributions with W2 from my job?
Where are you two for my help?
So a Solo 401K must be done within the same tax year. So for instance, Solo 401K needs to be done in 2020 for 2020 tax filing. Whereas SEP401K and 401k can be contributed as late as the following year? For instance, today is 4/2020. We can contribute SEP401k and 401K for tax year 2019. Correct?
Is a Solo 401K the same as a Self Employed 401K?
I see an option to setup either an individual or business 401k.......which one do I want if I am 100% owner of an S-Corp that has contributed the max amount every year to my SEP? Option for a Roth as well?
Awesome question and I'm so sorry for the delay. Been swamped. You are going to LOVE this video. You HAVE to consider the Solo 401k and we set up self-directed 401ks at are office. Watch this other RUclips video of mine first where I break down your question: ruclips.net/video/aJP6s04kPkI/видео.html
I'm a small business owner and the only (W2) employee of my business, file as an S-Corporation and currently have a Traditional and a Roth IRA. I haven't made any employer contributions to any of my retirement accounts, as I've had these before I started my business. So I have only made self contributions. Not sure if I should convert my Traditional to a Individual 401k and keep my Roth? Will I still be able to contribute 6k/year to my Roth if I have a Solo 401k? I'm a bit confused. Any advice?
Keep your self Traditional IRA / Roth IRA (and keep them separate obviously). Then, as the business, you'd want to probably do a Solo 401k if that works for your situation. This can later be rolled over to your Roth IRA if you want. It seems like a lot of steps, but it's more straightforward when you're working for another employer. All of the steps are just compressed and seem like a lot when you're self employed.
Optionally, convert some or all of the Traditional IRA to Roth IRA if you can afford the tax burden and if you anticipate having a higher income during retirement.
(For entertainment purposes only, consult your lawyer.)
@@fitybux4664 So to open a SOLO 401k can I use funds created directly from my business? Or can funds to open the SOLO 401k only come from transferring from IRA or another retirement account?
Mark, can a business owner have a Solo401k and also a traditional IRA?
Yes...you could. I would rather do a Back Door Roth IRA rather than a traditional however (in combination with my 401k). The contribution limits in a traditional IRA are just limited based on your AGI if you have a 401k. Check out this video: ruclips.net/video/tsipON718l4/видео.html
@@MarkJKohler So to open a SOLO 401k can I use funds created directly from my business? Or can funds to open the SOLO 401k only come from transferring from IRA or another retirement account?
Can you work for us in Tennessee ?
Great question! Let's talk about it more in-depth. Please shoot me an email at mark@markjkohler.com and I'll get back to you as soon as I have a chance!
Mark I am trying to set up my plan, but empower retirement is making it hard
They won't accept my acceptance form, they want the signature from the company that help me set it up. i tried tekking them that I am the plan administrater, but they won't accept it
Weird. There's lots of 401k TPAs out there. Maybe choose a different one? Maybe sure you look to see if they support Solo 401k plans if you're self employed.
Lose the whiteboard
Can’t you do a solo 401 k on etrade?
Yes, but Etrade isn't going to allow you to self direct the solo 401k if you want to invest in another company or real estate. You'll need the help of another company that can set this up. (Shop around.)
@@fitybux4664 gotcha. I also want to hold bitcoin gold and Ethereum as a hedge against the dollar. I have lots of real estate too
Can you do this if your minor child works for you part time?
No. Solo 401k is one W-2 employee only, and there's an exception for spouse. Now you might have your minor child working as a 1099 worker.... (Of course this is all for entertainment purposes only, consult your lawyer.)
How confusing can you be?
What is a double (spouse) mega backdoor solo 401K called? Ultra mega backdoor solo 401k? LOL.
That's a sweet name for it! lol
Hatter's STAY OUT the Truth is OUT