Solo 401K Tax Break for LLCs
  • Wendy Ni

Solo 401K Tax Break for LLCs

More Background on 401Ks

The following are some resources that will give you a better understanding of the reasons for the qualifications below.

A Few Qualifications for Solo 401Ks

A Solo 401(k) is a type of retirement savings account designed for self-employed individuals, or for employers with no other employees besides themselves and their spouse. In order to be eligible to open for this type of account, it's important to claim some self-employment income on the tax return. In other words - if you own a business you can't just pull distributions/owners draw, you will not qualify for it. You also can not have any full-time employees besides yourself and your spouse.

For more detailed information, click here.

Here's a video, we include an example of a solo 401K situation.

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