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Retirement tax questions
The bottom line is that you cannot open a solo 401(k) unless you are a independent contractor who reports their income on a schedule C, or you are the owner/shareholder of an S corporation. If you are a W-2 employee, you can only use the retirement options offered by that company, and if they don’t offer a retirement option, your only other option is a private IRA with a maximum contribution of $6000 for 2022 and $6500 for 2023.
January 10, 2023
5:53 AM