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Tracer-x
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- Posted Am I “covered by a retirement plan at work” if I am a sole proprietor w/a solo 401K? on Self employed. February 4, 2020 3:01 PM
- Posted W2 or 1099 vs solo 401k and QBI on Self employed. December 17, 2019 6:15 PM
- Posted Say I make 25k . If I put the max in a regular indiv IRA, and the max (25k) in a Roth 401k using the Employee portion. Can I still do the employer portion of the 401k? on Retirement tax questions. June 7, 2019 5:02 PM
- Posted I am a sole proprietor (no Employees). How to answer "Are you covered by a retirement plan at work"? I have currently invested the employee portion of a solo 401K on Retirement tax questions. June 5, 2019 11:54 PM
- Posted Opened up a trad IRA May 2018, passed income limits to be deductible. I now need to convert to Roth-How to handle 2018 / 19 tax years...or can I do everything in 2018? on Retirement tax questions. June 4, 2019 12:10 PM
- Posted When will the form for home electric car charging station be available- form 8911? Do we know what the credit will be? Thx! on Get your taxes done using TurboTax. June 3, 2019 12:27 PM
- Posted I’m contributing to the employer portion of my solo 401k. I can contribute 20% of my net income(my income - 1/2 SE taxes)..or do I also subtract the 20% QBI amount? Thx! on Retirement tax questions. June 1, 2019 10:26 AM
February 4, 2020
3:01 PM
For the Traditional IRA I got, am I considered “covered by a retirement plan at work” if I am a sole proprietor w/a solo 401K? Even if I choose not to contribute to the 401K? I have no employees, and do plan to contribute to both the employer and employee parts of a 401K, but just not sure how to answer the question…..or if it depends if I actually contribute tot he 401K. Thanks so much!
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December 17, 2019
6:15 PM
I’m an independent contractor. I just changed the supplier that I go through, ( I work for a larger corporation but have to go through a supplier) and the supplier has a 401(k), but I don’t want to use it - I want to just do my own solo 401(k). And I want to continue to QBI 20% income reduction. I can go through this supplier either as a 1099 or W-2 Contractor. Are there tax consequences I need to consider related to solo 401k and QBI decision between the two?
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