HELP with Retirement Investing for sole proprietor?
I recently started my own LLC and need help knowing how much I can deduct for retirement off my taxes. Prior to Nov 1, I was in a regular job and maxed out my 401(k) ($16,500) and for the final 2 months I will be a sole proprietor. How can I maximize the amount to put into retirement and take off my taxes? (Or can I?)
Asked By: Beth C - 11/8/2009
Best Answer - Chosen by Asker
there is an owner only retirement plan that goes by different names at different companies. Waddell & Reed calls it "Exclusive K". It allows for contributions up to almost $50,000 per year. Can it be used in conjunction with your existing 401k from your previous employer? probably - but you should check that part... More
Answered By: witz1960 - 11/8/2009
Additional Answers (1)
Like the first poster said, you can create your own "Solo 401k Plan" that includes a "Profit Sharing Provision". This will allow you to contribute additional money on a tax deferred basis up to $49,000 (in total -- the $16,500 plus an additional $32,500 of profit share... More
Answered By: zeuz - 11/8/2009
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