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Fat Bastard
Boston College Fan
Member since Mar 2009
47249 posts

re: Does Solo 401k make sense for me?
quote:

Just got my EIN. I will read over the i401k package this weekend and get it set up.






TheWiz
LSU Fan
Third World, LA
Member since Aug 2007
10612 posts

re: Does Solo 401k make sense for me?
I guess it makes more sense to do traditional rather than roth contributions? Lower my taxable income?


Fat Bastard
Boston College Fan
Member since Mar 2009
47249 posts

re: Does Solo 401k make sense for me?
That is up to you.

Just remember this

LINK


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makersmark1
Auburn Fan
earth
Member since Oct 2011
8256 posts

re: Does Solo 401k make sense for me?
SEP is probably best for this.


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Radyr
Auburn Fan
Georgia
Member since May 2020
50 posts

re: Does Solo 401k make sense for me?
quote:

Looks like I could set this up fairly easily through Vanguard where our IRAs are. I'm a simple portfolio guy, so I will only have 2-3 funds in the plan.

Account service fees
We charge $20 a year for each Vanguard fund held in a Vanguard Individual 401(k) account. The fee may be waived in certain circumstances.

Account setup & maintenance
There's no fee to establish an account.
For one-participant plans, annual filing of Form 5500 is required once the plan's assets reach $250,000 at the end of your plan year or you terminate your plan. We'll provide you with information each year to help you complete the form.


I have an LLC and set up my i401(k) through Vanguard. Very easy actually and not expensive. I already had other Vanguard accounts too.


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Radyr
Auburn Fan
Georgia
Member since May 2020
50 posts

re: Does Solo 401k make sense for me?
I set up my i401k with both traditional and Roth options. I contributed to both but the Roth is at a much lower amount.


TheWiz
LSU Fan
Third World, LA
Member since Aug 2007
10612 posts

re: Does Solo 401k make sense for me?
Thanks for the replies all. I think I'll stick with the traditional and help reduce a little income. This will help me offset my k-1 investments if I have a good year on those.



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