Employee and Business Owner – Is Owners Only 401k allowed?
I have a client who is a partner in a law firm. Maxes out 401k with EE deferral and profit share in addition to catch-up. In addition, they have 1099 self-employment income. Are they able to establish an owners only plan – fund for wife or fund with after tax dollars and convert to Roth?
Permalink Submitted by Alan - IRA critic on Mon, 2021-08-09 21:22
Yes, the client could establish a solo K or SEP IRA for the self employment income. After tax contributions are not allowed as SEP contributions, but a non deductible TIRA contribution can be made, even to a SEP IRA if the contribution is flagged and coded as a non SEP IRA contribution. Finding a solo k provider who offers after tax non Roth contributions may take some work.
Permalink Submitted by Akkuma Sojui on Wed, 2021-08-11 15:50
Hi! I am writing about business, maybe this topic will become interesting to someone and I can attract your attention. I have been in business for three years now and have my own blog on the networks. Maybe there are people here who love this business and read my post. This site company registration online in Singapore helped me a lot in my development, it teaches well! I have not seen the best sites yet.