Independent contractor who just established an LLC. I will be paid through it for the 2017 year.
I am trying to decide whether to set up a SEP IRA or Solo 401k.
If my LLC contributes the max amount to my SEP IRA, does that prohibit me from investing in a back door Roth IRA due to pro rata?
If so, I was thinking it would be in my best interest to set up the solo 401k so I can still max out a Roth IRA.
Any insight welcomed. Thanks!
I am trying to decide whether to set up a SEP IRA or Solo 401k.
If my LLC contributes the max amount to my SEP IRA, does that prohibit me from investing in a back door Roth IRA due to pro rata?
If so, I was thinking it would be in my best interest to set up the solo 401k so I can still max out a Roth IRA.
Any insight welcomed. Thanks!
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