If your plan was in place as of December 31, 2021, you have met the current IRS requirement to elect your deferral by the end of the tax year.
The SECURE Act, which was passed near the end of 2019, changed the deadline to open a Solo 401(k), but the IRS has not changed its guidance that the plan participant must make their salary deferral election by the last day of the calendar year.
If you have not yet opened your 401(k), according to the new law you still have time to do so. The plan must be established and funded by the due of your tax return.
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