Are you able to elaborate if a single member LLC (which you said can not issue W2) can contribute to a 401K solo plan based on IRS guideline of self-employed earn income? The below sentence from IRS website seems to indicate I can pay myself for the retirement fund contribution, and is before tax.
elective deferrals up to 100% of compensation (“earned income” in the case of a self-employed individual) up to the annual contribution limit:
- $19,500 in 2020, or $26,000 in 2020 if age 50 or over ($19,000 in 2019, or $25,000 in 2019 if age 50 or over)
