Posting for a friend-
I am a physician working as 1099 and have a SEP IRA as a 1099 now. I was thinking of opening a solo-401k this year to move the SEP-IRA into so I can start a backdoor Roth IRA.
Next year I plan to start my own practice (solo practice) and will have employees (support staff). Can I still use the solo-K or will I need to create a different kind of 401k since I have employees? Will I have to contribute to their 401ks as their employer? If not, does this mean I will need to go back to having a SEP IRA? Who should I talk to about this if I need help creating a 401k for my practice? Thank you!
I am a physician working as 1099 and have a SEP IRA as a 1099 now. I was thinking of opening a solo-401k this year to move the SEP-IRA into so I can start a backdoor Roth IRA.
Next year I plan to start my own practice (solo practice) and will have employees (support staff). Can I still use the solo-K or will I need to create a different kind of 401k since I have employees? Will I have to contribute to their 401ks as their employer? If not, does this mean I will need to go back to having a SEP IRA? Who should I talk to about this if I need help creating a 401k for my practice? Thank you!
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