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re: 26, self employed, where do I start
Posted on 9/19/20 at 6:52 pm to BestBanker
Posted on 9/19/20 at 6:52 pm to BestBanker
quote:
beneficial difference is in funding the solo 401k vs. SEP.
IF you don’t make enough to truly max the SEP which I think is like $270,000 profits, you can fund the solo 401k from two aspects- $19,500 as an employeE and then 20% net profits as Employer. I may have that backwards, but I had a solo 401k when I had my own practice and I was able to put more money away than with a SEP.
Now I just have a small side business so I use a SEP for that.
Short article
LINK
This post was edited on 9/19/20 at 6:55 pm
1
Posted on 9/19/20 at 7:15 pm to makersmark1
20% net profits as Employer.
as a sole proprietor
as a corporation it is 25% of wages from the owner profit sharing side then of course the employee side of 19.5k.
LINK
as a sole proprietor
as a corporation it is 25% of wages from the owner profit sharing side then of course the employee side of 19.5k.
LINK
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