The Solo 401K has a ridiculous amount of alternative names, but they all refer to the same type of account. It is also commonly referred to as an Individual 401K (or i401K), Solo-K, Self-Employed 401K, Uni-K, and One-Participant 401K, among others. The IRS officially refers to Solo...
Once you've established your self-employed 401(k) plan and any new account(s), the next step is to contribute to your 401(k). 3. Contribute to your account You can use theSmall Business Retirement Plan Contribution Calculatorto calculate your annual contributions. ...
Similar to the Solo 401K and SEP IRA, you do not need to be full-time self-employed in order to be eligible. You could be part-time self-employed or earn a side income from a secondary job. Having an employer-sponsored 401K through another employer does not exclude you from being able...
Open a Solo 401(k) account with the power of checkbook control to create the perfect retirement plan for self-employed entrepreneurs! Broad Financial's Checkbook Solo 401(k) lets you maximize your retirement contributions and place those funds in a variety of retirement assets. And that's just...
because you have to do things like take out half of the self-employment tax paid, etc. Let the calculator figure out the details, but you can still see that the Solo 401k (aka Individual 401k, aka Self-Employed 401k) offers a much higher contribution limit than a SEP IRA or SIMPLE ...