Question

My LLC and solo-401K contirbution limit

Forum|Forum|4 years ago
October 27, 2021
1 reply
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Hello,

I have a consultation LLC and I work full time. The earnings from LLC I am saving it in solo-401K-roth and I have 401K with my full-time employment as well. How much money I could save in solo-401K per year?

Further, my wife does administrative works for the LLC and I pay her for those. Could she save some percentage of that in to her solo-401K acct.? if she had one?

Regarding paying your spouse, here is the IRS guide https://www.irs.gov/businesses/small-businesses-self-employed/businesses-with-employees

Here is the best help with retirement saving : https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz

Please scroll down to "Your own boss," to see the rest of the article.

"If you are self-employed, you can stash even more into a tax-deferred retirement account because you contribute as both an employee and an employer.

With a solo 401(k) plan, available only to self-employed business owners with no employees (other than a spouse), you can contribute:"

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