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re: Individual 401(k) or SEP IRA
Posted on 8/5/11 at 6:10 am to rmc
Posted on 8/5/11 at 6:10 am to rmc
The SEP is easier because you don't have to file a 5500. The ind. 401(k) allows you to put more in because of the matching. You can also borrow against the ind. 401(k) and not the SEP. For most people, the SEP will do just fine.
0
Posted on 8/5/11 at 10:04 am to rmc
quote:
I assume if I have a spouse, who stays at home, that she could do $49,000.00 into SEP
I don't think so. I don't think they have a spousal SEP IRA like they have a spousal Traditional IRA. These are really questions for your CPA. Sorry, wish I could more.
Posted on 8/5/11 at 10:23 am to rmc
quote:
Just trying to preplan a little bit.
Nothing wrong with that. Good luck to you.
Posted on 8/5/11 at 10:33 am to saint308
Depends on how much you want to contribute on an annual basis.
If your wife doesn't work elsewhere than you can set up an LLC or S-Corp that is going to get paid and sent the 1099. Then you hire yourself and wife as owners/employees of the company. Now you both may have a SEP or a Solo 401(k)(A solo K can be you and wife but not a third employee).
If you have any other questions let me know.
If your wife doesn't work elsewhere than you can set up an LLC or S-Corp that is going to get paid and sent the 1099. Then you hire yourself and wife as owners/employees of the company. Now you both may have a SEP or a Solo 401(k)(A solo K can be you and wife but not a third employee).
If you have any other questions let me know.
Posted on 8/5/11 at 3:25 pm to rmc
Yes, as an S-Corp you could be passed through income but this comes with its own challenges sometimes in plan design.
I don't think you and your brother working under the same banner helps except to split the costs of having a retirement plan. But since a solo k is a lot cheaper than a traditional plan you would be raising costs.
I can't give you tax advice but I am an investment advisor who specializes in qualified plan design and administration. I hold the ASPPA designation of QPFC (Qualified Plan Financial Consultant). I would be happy to help you out if you post a little more detail or PM you my email if you would like more confidential help.
I don't think you and your brother working under the same banner helps except to split the costs of having a retirement plan. But since a solo k is a lot cheaper than a traditional plan you would be raising costs.
I can't give you tax advice but I am an investment advisor who specializes in qualified plan design and administration. I hold the ASPPA designation of QPFC (Qualified Plan Financial Consultant). I would be happy to help you out if you post a little more detail or PM you my email if you would like more confidential help.
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