I have just recently opened up a solo 401K at Fidelity for my (part time) wife's anesthesia gig. She gets paid in cash from multiple providers and has no other retirement plans. After all expenses she has around 15K (variable between 10-20K) in profit. I have a couple of questions regarding how best to transfer money into her retirement account and what to expect come tax time. Sorry I am financially a newbie, here are some basic questions:
1. Will fidelity send the necessary paperwork to me at tax time or will I need to fill out additional forms/paperwork?
2. Can I transfer money from the company checking account straight into fidelity and begin investing?
3. With the solo 401-k, if she has 15,000.00 in profit, can she transfer that full amount at the end of the year to invest.
4. Does anyone have any tips or had any issues that may be helpful
Thank you in advance
Gig-em-ags
1. Will fidelity send the necessary paperwork to me at tax time or will I need to fill out additional forms/paperwork?
2. Can I transfer money from the company checking account straight into fidelity and begin investing?
3. With the solo 401-k, if she has 15,000.00 in profit, can she transfer that full amount at the end of the year to invest.
4. Does anyone have any tips or had any issues that may be helpful
Thank you in advance
Gig-em-ags
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