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?
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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.