I may be cutting the corporate shackles soon and going out on my own as a single-member LLC. One of the things I’m thinking about is how to get a solo 401k going for myself. I’d appreciate if folks would provide guidance on this, specifically:
Where are the best places to set one up? I plan to invest in ETFs like VTI, VXUS, and BND. I currently have my brokerage accounts at Fidelity - do they offer a good solo 401k option? By “good” I mean low or no costs to set up and maintain.
If my account balance is < 500K, do I have any annual filing needs or other admin tasks?
Do I need to hire a third-party administrator?
Can I contribute the full 69K each year? Does the annual contribution limit depend on how I form the business? For example, does it matter if I set it up as a sole prop, LLC, or LLC taxed as an S-corp?
What else should I know?
Gracias!
Where are the best places to set one up? I plan to invest in ETFs like VTI, VXUS, and BND. I currently have my brokerage accounts at Fidelity - do they offer a good solo 401k option? By “good” I mean low or no costs to set up and maintain.
If my account balance is < 500K, do I have any annual filing needs or other admin tasks?
Do I need to hire a third-party administrator?
Can I contribute the full 69K each year? Does the annual contribution limit depend on how I form the business? For example, does it matter if I set it up as a sole prop, LLC, or LLC taxed as an S-corp?
What else should I know?
Gracias!
Statistics: Posted by WhitePuma — Sat Feb 03, 2024 9:05 pm — Replies 4 — Views 233