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Individual retirement accounts
Posted on 2/7/25 at 12:22 pm
Posted on 2/7/25 at 12:22 pm
I contribute the full match to a Roth IRA every year, and up until recently contributed the full amount to an Individual 401K that I opened up when I started working 1099 after leaving my prior job before the 1099 job.
I now have a new W-2 job.
This new W-2 job does not provide an employer sponsored 401K plan yet, small business and am compensated in other ways until they can start their plan.
Can I continue to contribute to the Individual 401K as a W-2 employee? Or can you only contribute to Individual 401K plans as a 1099 employee?
I now have a new W-2 job.
This new W-2 job does not provide an employer sponsored 401K plan yet, small business and am compensated in other ways until they can start their plan.
Can I continue to contribute to the Individual 401K as a W-2 employee? Or can you only contribute to Individual 401K plans as a 1099 employee?
3
Posted on 2/7/25 at 7:22 pm to DukeSilver
Not a CPA, but I'm pretty sure the answer is no. If you haven't already, contribute and build up your taxable investment account for now. Long term capital gains can be very useful in retirement (especially if you retire before SS/pension).
Let say you have no other income and file MFJ. With the standard deduction, a couple could have up to $126k in capital gains as yearly income and pay 0% taxes. That's on top of the cost basis.
Of course that's based on tax laws today; things could change in the future.
Let say you have no other income and file MFJ. With the standard deduction, a couple could have up to $126k in capital gains as yearly income and pay 0% taxes. That's on top of the cost basis.
Of course that's based on tax laws today; things could change in the future.
Posted on 2/7/25 at 8:15 pm to DukeSilver
401k has to come from an employer sponsor. So you are limited to any ira limits. With tax credits even a small employer should be able to start a plan.
Posted on 2/7/25 at 8:18 pm to Tigerstark
That’s what I was thinking. But figured I’d ask for confirmation.
Thanks for the responses.
Thanks for the responses.
Posted on 2/8/25 at 1:11 pm to DukeSilver
quote:
Or can you only contribute to Individual 401K plans as a 1099 employee?
You can contribute to a solo 401k if you have earnings from self employment. I assume you will not have that anymore, and assuming it happened prior to 1/1/25, you cannot contribute 2025 contributions to your solo 401k.
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