Small Side Business, Breaks Even - Solo 401k Contributions

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I say no thank you once. If they continue, I put my AirPods in my ears.

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I don't think that's entirely correct. Georgia is also a one-party state. That means that you can record without the other person's permission (i.e.,...

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Why in the world are they eliminating the Roth portion of Solo 401(k)s?

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I like that dashcam. Been thinking of getting one myself. Is it powered by batteries or hardwired to the car?...

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Welcome to adulthood. LOL

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What I'm saying is quite clear: if he practices in two states, then he is required to have a DEA registration for each state (2). If he plans to move...

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If all he is doing is moving and won't be working in the other state, then yes, you are correct: updating the address is all that is needed.
...

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DEA only is concerned about controlled substances. Everything else is regulated by the states....

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You can have multiple DEA's (including in the same state if necessary). I have 3: 1 clinical, 2 for EMS agencies where I serve as medical director....

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I can think of a few things to send opposing council. LOL

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EMTALA violations and negligence via litigation are two different things. I was referring only to EMTALA violations.

Unfortunately, I can't...

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I disagree, but if you have an EMTALA case where this has occurred, I would be very interested to read about it. I'm thoroughly educated on EMTALA, do...

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It's different offering advice and telling them your plan of action. Usually we say "we follow Brain Injury Guidelines. Please let the patient...

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CMS doesn't care about bills. If they did, they would police the unnecessary transfers (like the 20 year old we received the other day 9 hours after...

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CMS does NOT consider private vehicle an appropriate mode of transportation for an EMTALA transfer.

However, three things come to mind:...

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I would say the number is more like 40% in some places. Recently got a call from an internist staffing a rural ER who wanted to fly a tension pneumothorax...

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Thanks for the clarification. Was just a thought in my head -- a bad one at that from reading the links.

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If a stay-at-home spouse has a small side business that she makes 5-10k/year doing, can she contribute the entire amount to a Solo 401k as an employee...

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I read that it wasn't allowed to use Georgia's Path2College plan to pay for student loans, but I think the article I read was written before Georgia adopted...

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I found that the Georgia Path2College plan doesn't allow payment of student loans. So that answers that question.

Still leaves the question...

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On another note, can I open a second account, list myself as a beneficiary, and use any contributions to pay for my own education expenses? Basically...

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Oops, I meant taking the money out to pay for my own student loan (if there is money left over). Not sure if it was a typo or autocorrect that changed...

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I'm confused by this as well. If you have two kids, each with their own 529, does that mean that a married couple can deduct $16,000 per year from taxes...

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I received paperwork today for an amended IRS plan for my Vanguard Individual 401(k). It says this must be done every 6 years.

It looks...

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Can you do a backdoor Roth and roll the Roth into the Roth component of a Vanguard i401(k)?

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A BBQ place that I visited recently had me sign a receipt for an $8 bill. Before the pandemic they would never do that. Of course there was a spot for...

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Unfortunately, I don't think it's going to go away. Have you ever seen a fee tacked onto something go away after a while? No, it becomes acceptable...

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The odd thing is that the world -- particularly the US -- allows this to continue. Tipping came about as a form of wage payment after the Civil War because...

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I'm not trying to turn this into a "what do you tip" conversation. I need to vent about the default tip amounts. Tonight I picked up a to...

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You can have two 401(k)'s, but you cannot exceed the employEE contribution limit ($19,500 for 2020 and 2021). You can, however, contribute 20% of your...

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She wears it all the time (except for chances where it will get damaged -- so no to raking leaves). The insurance for it is $900/year because our homeowner's...

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I went all out (>$70k). Now teetering on filing for divorce, I realize how ridiculous that was to spend so much money on an engagement ring.

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So if you didn't report income from surveys (<$100), would they really say that you should've reported that? I find it hard to believe that they would...

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I'm a member of a PEO for health insurance. It comes out of my business account and the leftover after premiums is deposited to my personal account as...

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All business-related payments go directly to business account (I'm an IC as an ER doc as well as medical director for 3 fire departments). ALL business-related...

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What you say makes sense. She won't have a lot for social security benefits, but it's my understanding she can draw 50% of my earnings when she retires....

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I'm an independent contractor emergency physician who also serves as a medical director for several EMS/fire departments. The medical direction/consulting...

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They still have bills and salaries to pay. Our daughter's school hasn't mentioned anything about partial refunds or decreased tuition.

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Sorry I went to the ID.me website directly and created an account. From there, there is no option to choose physician. From the BP link, you can do...

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I don't see an option to verify ID as a physician on the ID.me website. Am I missing something?

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Unfortunately, my marriage is a mess. I filed for a divorce and she was served with papers this week. Got me to thinking about my Solo 401(k) and regulatory...

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It's not impossible to do another residency, but graduating students will have a significant advantage over you.

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As a core faculty member in an EM program, it's hard to get your foot in the door for a second residency. There are funding issues (basically the hospital...

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This is perfectly timed for pending balance billing legislation.

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Anyone have any recommendations for where to find a retirement specialist that could answer some questions related to Solo 401(k)'s, defined benefit plans,...

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The only time you really can contribute more than $57,000 is if you're employed somewhere, make the max contribution of $19,500 into that employer's 401(k)...

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I opened a Solo 401(k) at Fidelity for this reason. Transferred my SEP to the Fidelity Solo 401(k) and a few months later amended my Solo 401(k) to Vanguard...

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Reviving an old thread here...

If you establish an EIN for your Solo 401(k), on the 5500-EZ form you list the plan's EIN in 2b but do you...

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Even further reason to stay in the fight for balance billing legislation that is fair. It will be introduced again in 2020.

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On another note, what about people who call you Mr instead of Dr?

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Pickle ************************ syndrome (Pickwickian syndrome), history of eating hemorrhoids (bleeding hemorrhoids), and of course prepped and raped in the usual sterile...

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I rolled a SEP into a Solo 401(k) last year. I'm trying to figure out info on filing 5500-EZ.

Under the characteristic codes for a standard...

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My income is <$100 from surveys. I doubt very seriously the IRS would come after me for $37 when I pay >$200,000/year in taxes. That's <0.02%...

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Rather than make an example of her, maybe she would benefit more from getting counseling about her substance abuse issues?

Just saying that...

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A response from several organizations...

ACEP signed onto this before the final version....

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I think the comments should be made as regular replies. The problem with comments within a post is sometimes you miss them when reading new posts. (or...

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Is that $45k per year or total?

There are a lot of options. If you think you might work in a rural area for a loan forgiveness program,...

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I would think it generally is theft by conversion. Why would it not be? If someone accidentally is deposited money into their bank account, spends it,...

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I'm surprised this hasn't made its way to Bogleheads yet. Lots of physician bashing there, and this is a prime opportunity for them.

Insurance...

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What are the implications of the IRA distribution rules now?

Roth IRA inherited by my daughter. She's required to take distributions within...

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I'm currently 60% US and 40% international stocks. I do not own bonds. I will continue to be stock only until I'm 50 or 55. I think my income allows...

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I've maintained my Connecticut physician license since residency. I've ponied up the nearly $550-600 per year for the past 10 years. I have not worked...

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I usually don't comingle at all. Was trying to change it before first deduction on the 16th, but Fidelity's website is having problems.

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Are there any tax implications for making contributions to my HSA through my business account? I'm a sole proprietor. Not sure if it will be considered...

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The 19k combination is one thing. You can max out your 19k in your 403(b) (or use some of the funds in a Solo 401(k) Roth option). You can contribute...

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Suddenly your work load increased a lot on the forum. :O

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Fidelity let me open with my business EIN. They told me if I got an EIN for the plan, all I had to do was send them a letter and they would change it....

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Definitely state specific. I remember reading somewhere that Georgia requires you to give care in emergencies for 6 months. Non-emergent stuff is i...

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We get $30/hr extra for late shifts (4p-2a, 5p-3a) and $50/hr extra for overnights (9p-7a).

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mianesmd Sites that autoplay videos (like CNN) drive me crazy. I was up at 3 am and pulled up an article on CNN. Didn't realize my wife had the volume...

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jacoavlu Is that difficult to set up at E*Trade? What is involved with it?...

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If you're contributing to a Roth Solo 401(k) option, then the Roth contributions must be employee contributions. Employer contributions aren't allowed...

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$20/year is a good number for me.

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The White Coat Investor , have you considered allowing paid memberships/subscriptions to get rid of all the forum ads?...

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Also have one set up with Fidelity. Was easy. Haven't made any distributions yet. Letting it accumulate for a few more years.

Can't say...

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I'm an emergency physician who is an independent contractor. I also serve as medical director for 3 fire departments and a paramedic training program....

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I've always skipped it for fear of audit.  I'm an EMS medical director and spend a lot of time working out of my home.  Have a dedicated office.  I...

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The penalty really isn't that much.  I grossly underpay my quarterly payments.

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duplicate

 

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CordMcNally wrote: 4 year EM residencies are a scam. They’re good for the hospital but not for the resident. Many of them will try to sell the whole “make your own path” or “mini-fell...

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Just did the EMS exam from ABEM today.  Way harder than my EM certification and recertification exams.  Way, way harder. I did it with the practic...

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You forgot about the new tipping threads that pop up every week.

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Your friend needs to be advised that this may not meet EMTALA screening since he/she cannot perform a physical exam on the patient.  Therefore, if something...

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Always love the ones that start out with "please, do not hang up" or "this is not a telemarketing call." One thing I've noticed is that if I answer wi...

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I'm very active in politics, and my Congressman recently told me that he doesn't think it will pass now because of Cruz.  This is contrary to what a...

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The New York law is the best I've seen.  Reimbursement is tied to claims data as maintained by an independent organization (FAIR Health Database) and...

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Vanguard offers an Individual 401(k) with a Roth option.  I have one.  I put 100% of my employee portion in the Roth. You may need to file additional ...

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It differs by the insurance type.  The policy may have been written so that it only covers employees and not independent contractors.

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ENT Doc wrote: You can also just not pay it and the IRS will figure it out for you. I have definitely underpaid some years and have yet to receive a bill. Click to expand... Now that's lucky!...

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Ours is bolted to the concrete basement floor.

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Are you a sole proprietor? Fidelity told me the same thing, but when I went through the options online, it advised that sole proprietors do not need...

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My wife survived an F4 tornado that demolished her childhood home.  The likelihood of her going through 2 tornadoes is incredibly small.  However, the...

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We have one in our unfinished basement.  Cost $17 grand at the time.  It's a large unit with a small bed and a line to our heat/AC to keep it from getting...

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Have you considered vBulletin or Xenforo (what SDN uses)?   Half the time when I click to read new messages, it skips several messages that I haven't...

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I make >600k/year and I still have a Roth portion in my Solo 401(k).  I may take a tax hit now, but the years of growth make it worth it.  No RMD's,...

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This is what happens when you go to an online nurse practitioner school.  Any halfway decent school would arrange for these rotations instead of askin...

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AT&T verified me with my email address.  Despite this, it says I'm affiliate with Orlando Regional (which I've never been affiliated with)....

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This may have difficulty passing this legislative session.  It will reappear next year if it doesn't.

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Not sure how single member LLC affects it, but as a sole proprietor I can make my entire contribution as an employer contribution and not even worry about...

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If you file a schedule C, it's a business writeoff and not subject to percentage of gross income.