Solo 401k vs SEP IRA (SELF-EMPLOYED: WATCH NOW!)
HTML-код
- Опубликовано: 12 май 2021
- SOLO 401K VS SEP IRA | Self-employed?? Want to invest your savings while lowering your taxes? In this video, we'll do a side by side comparison of the two most popular ways you can save if you’re self-employed person: SOLO 401k vs SEP IRA.
#solo401kvssepira #districtcapitalmanagement
Skip Ahead Here!
0:30 - Who can participate?
2:30 - Contribution limits?
4:46 - Deadline?
6:01 - Taxes?
7:10 - How to setup!
If you'd like to learn more about starting a SOLO 401K or SEP IRA, schedule a free discovery call today at: districtcapitalmanagement.com... !
Get free monthly financial tips by subscribing to our newsletter at districtcapitalmanagement.com !
**RECOMMENDED READING LIST**
The One-Page Financial Plan by Carl Richards (easy read, holistic + fun graphics!) amzn.to/35NH54Z
Simple, Smart Investing by Ian Kennedy (can help you construct your investment portfolio)
amzn.to/32GRJbJ
A Random Walk Down Wall Street by Burton G. Malkiel (classic book that sold me on index funds) amzn.to/2H7pbzS
● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
● SAY HI ON SOCIAL
Website: districtcapitalmanagement.com/
Facebook: / districtcapital
LinkedIn: / alvin-carlos-cfa-cfp%c...
● WHO AM I?
Alvin Carlos is a CFP® professional and CFA® charterholder. His team helps young/mid-career professionals to be smarter with their money. They help them optimize their investments, lower taxes, pay off debt, and have peace of mind.
● DISCLAIMERS
This content is for education and entertainment purposes only. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
District Capital is a participant in Amazon Associates LLC Program, an affiliate advertising program designed to provide a means for us to earn income by linking to Amazon.com and affiliated sites. When you purchase any products through our Amazon page, you'll be supporting our mission of providing high-quality financial advice to the middle-class! :)
Great video
Glad you enjoyed it
Thank you !!! You really defined it so simple anyone can understand
Thanks for the feedback @omkar sran! This is truly my goal!
Thank you for this, Alvin!!
Hi Vicky!
Fun fact: If your spouse is your employee - the IRS makes an exception and you can double the amount you can contribute to a SOLO 401K as a family, depending on your income.
Very helpful and great reminder not to forget to contribute to our traditional or Roth IRA in addition to our SEP IRA or solo 401k
Thank you for your comment. I appreciate it!
Hi thank you for the video and sharing your knowledge. Question if someone made $300,00 as sole owner of a LLC acting as S corp for tax purposes is there any benefit to doing solo K over SEP IRA since you max the $58K contribution limit for 2021?
I have a question, I established my account in December 2021 for solo 401k and I have until extension date to file my taxes. Am I still allowed to contribute to the employer 25% into solo 401k for year 2021?
Thank you Alvin for sharing your knowledge! For solo 401k, can employee contribute 25% of net income as profit sharing contribution instead of 25% of w2?
Good video! Some articles say, if you are contributing to a traditional company 401k account, you can not contribute to a solo 401k at same year, but you can do to a SEP IRA. Is it the case?
Good video! If I’m contributing to a regular company 401k plan as an w2 employee for Costco, can I still setup a solo 401k plan for my side job? Or I can only do SEP IRA?
Skip Ahead Here!
0:30 - Who can participate?
2:30 - Contribution limits?
4:46 - Deadline?
6:01 - Taxes?
7:10 - How to setup!
Can you contribute to SEP Ira or Solo if you have negative or $0 net income? or Can you contribute base on Gross income?
Thank you for the question! SEP and Solo contributions are based off of net income from self-employment.
Can a self-employed (sole prop) do a SEP & a Solo 401(k)? If so, do the limits change?
It's possible to have an existing SEP & Solo 401k at the same time but can't max out both; you'll go over the limit. Typically you only contribute to one in any given year.
@@DistrictCapital Please clarify about contribution limits: if a sole proprietor has both a SEP-IRA and a SOLO 401K, can you contribute 25% to one and another 25% to the other, or is the 25% limit the max for both combined? From the video it sounded like maybe you could contribute up to 25% to the SEP, then make additional contributions to the SOLO, is that right?