Solo 401k 2022

I own a sole proprietorship and I decided to open a Solo 401k in July of 2023 so that I could make tax deductions for tax year 2022. The custodian told me this would be fine since I had filed a 2022 tax extension until October 2023. So I made an employee contribution. I later was informed that the rules for 2022 only allowed for employer contributions. Can I reclassify the employee contribution to an employer contribution? Is there a deadline to do this? What steps do I need to take so if I am ever audited, I have it all for my records?



Add new comment

Log in or register to post comments