The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Individual 401k question Date:  12/26/2012  3:21 AM
Author:  s0rteh Number:  117216 of 127753

I am in a somewhat similar but different situation. Similar in that I had contributed(approx. $5K) to a company 401K with my previous employer, also I became an independent contractor/consultant in the middle of this year. The difference is that unfortunately, I have only turn a small profit for my LLC. Question - does it make sense for me to open a 401K Solo before the year end? Can I contribute the balance of $11.5K(Individual contribution limit - the 5K above) even though my profit from the LLC is much less that that. And obviously can I still add the 20% contribution from what little profit I made as the LLC?
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us