Hello all,
I am somewhat confused after listening to Podcast episode #1 (which was great btw). WCI states that you could do online surveys and claim earned income as a business to open up an individual 401k. He is referring to using a 401k to roll an IRA into it. I was intrigued about having a separate business to allow multiple 401k to increase my tax advantaged savings. My wife and I both are W2 employed physicians in small groups, and fully fund 401k (18k each no match), HSA, backdoor roth. Would it be possible to use survey income to create a solo 401k for each of us? It would not be a money generating business (likely $100 a year or so). I started reading : https://www.whitecoatinvestor.com/multiple-401k-rules/
But find myself more confused.
Thanks
Edit: Seems like I totally missed rule #3 that employer contributions are 20% net earnings, that would make this scenario irrelevant
I am somewhat confused after listening to Podcast episode #1 (which was great btw). WCI states that you could do online surveys and claim earned income as a business to open up an individual 401k. He is referring to using a 401k to roll an IRA into it. I was intrigued about having a separate business to allow multiple 401k to increase my tax advantaged savings. My wife and I both are W2 employed physicians in small groups, and fully fund 401k (18k each no match), HSA, backdoor roth. Would it be possible to use survey income to create a solo 401k for each of us? It would not be a money generating business (likely $100 a year or so). I started reading : https://www.whitecoatinvestor.com/multiple-401k-rules/
But find myself more confused.
Thanks
Edit: Seems like I totally missed rule #3 that employer contributions are 20% net earnings, that would make this scenario irrelevant
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