No announcement yet.

Solo 401K

  • Filter
  • Time
  • Show
Clear All
new posts

  • Solo 401K

    I have a corporation registered with the state of california, I opened my practice ( telepsychiatry part time two days a week )two weeks ago however no patients yet. I was told to dissolve the corporation and move forward with solo prop because APC has additional costs and some yearly legal requirements that is hard to follow. I understand I had to start with solo prop and then register the practice as a corporation. It was a mistake. It happened and now I should correct that action however I want to keep it and pay the costs and wait for a little while? hopefully I will get some patients. I have a full time job and I make approximately 400 K .I have 401k and 457 from my full time job. I heard I can use the corporation to open a solo 401k and shelter some taxes if I file under Scorp? if corporation did not have any income can I still open a solo 401 and shelter some taxes under S corporation?

  • #2
    if no income, no basis for retirement plan contributions