Solo 401(k)
Moderator: Global Moderator
Solo 401(k)
I own an LLC filing as an S Corp. can anyone give insight to how the solo 401 can work and if it's possible to do a back door Roth with one. I understand that Vanguard has a Roth option for a portion of the account. Thanks for any help. My CPA has been useless with this.
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Libertarian666
- Executive Member
- Posts: 5994
- Joined: Wed Dec 31, 1969 6:00 pm
Re: Solo 401(k)
I don't know about the backdoor Roth or even the solo 401k, but I have a C corporation with a profit sharing plan that has very wide latitude as to how to invest. You might want to contact "Pension Concepts" (http://pensionconcepts.org/) and ask them about what they can do for you; they're the administrator for my plan.
Re: Solo 401(k)
Try this link:
http://solo401k.bcmadvisors.com/contrib ... tions.html
It's my understanding that these accounts need to be set up by 12/31 (meaning that it would be too late to do this for 2015) but you should double check that.
The good news is that these plans allow you to put away a bunch of money quickly.
I don't get why CPAs don't know this stuff cold. I ran into the same thing with my accountant back in 2007 when I wanted to set up a solo 401(k) Roth and my guy was totally mystified.
There are other posters on here who know way more than I do and can most likely help you with the backdoor Roth question. But check out that link to at least get started.
Good luck!
http://solo401k.bcmadvisors.com/contrib ... tions.html
It's my understanding that these accounts need to be set up by 12/31 (meaning that it would be too late to do this for 2015) but you should double check that.
The good news is that these plans allow you to put away a bunch of money quickly.
I don't get why CPAs don't know this stuff cold. I ran into the same thing with my accountant back in 2007 when I wanted to set up a solo 401(k) Roth and my guy was totally mystified.
There are other posters on here who know way more than I do and can most likely help you with the backdoor Roth question. But check out that link to at least get started.
Good luck!