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Dual physician couple. I am a 1/3 owner of a practice set up as a Professional Corp with subchapter S election that has a 401k with employees. I am the financial trustee of the plan.
My spouse is a W-2 employee (non-owner) of another unrelated practice and participates in their 401k.
She also has significant 1099 income for work under her own PLLC. She would like to set up a solo 401k to maximize 401k contributions for her 1099 income in addition to her W-2 401k contributions made through her unrelated employer’s plan.
She is not an officer, director, employee, or owner of my practice and I am not in her PLLC. Never has been. No plans for me to ever make spousal contributions to her solo 401k. She cannot make them to my practice’s plan.
We have 2 minor children. My Practice’s operating agreement would not allow her to own stock as it is a professional corp and would require my estate to sell it to my partners and requires my partners to buy it from my estate.
Is she able to set up a solo 401k or is she limited by attribution to my 401k plan through constructive ownership rules as my spouse or through my children.
My spouse is a W-2 employee (non-owner) of another unrelated practice and participates in their 401k.
She also has significant 1099 income for work under her own PLLC. She would like to set up a solo 401k to maximize 401k contributions for her 1099 income in addition to her W-2 401k contributions made through her unrelated employer’s plan.
She is not an officer, director, employee, or owner of my practice and I am not in her PLLC. Never has been. No plans for me to ever make spousal contributions to her solo 401k. She cannot make them to my practice’s plan.
We have 2 minor children. My Practice’s operating agreement would not allow her to own stock as it is a professional corp and would require my estate to sell it to my partners and requires my partners to buy it from my estate.
Is she able to set up a solo 401k or is she limited by attribution to my 401k plan through constructive ownership rules as my spouse or through my children.
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