No SOLO K-
Just clarification- W2 Employees that are employed by company that does not offer a 401(K) plan can only do an Traditional or Roth IRA. I find it amazing they cannot do a solo k or SEP. Any thoughts?
Steve
Just clarification- W2 Employees that are employed by company that does not offer a 401(K) plan can only do an Traditional or Roth IRA. I find it amazing they cannot do a solo k or SEP. Any thoughts?
Steve
Permalink Submitted by Alan - IRA critic on Wed, 2024-05-29 15:43
You are correct since a SEP IRA is funded by employer contributions only, and a solo K is only available for business owners and their spouses. Some states have passed legislation requiring employers of a certain size to offer employer plans, so applicable state rules should be checked.