Jul 26, 2023 · The SEP IRA is quite versatile, and a lot of business owners like the flexibility and low maintenance. The solo 401k can be beneficial in some circumstances but has a little more overhead …

In short, the SEP IRA will allow me to contribute "enough" each year. Yes the solo 401K would allow me to contribute more, but it comes at the expense of all the added complexity. For that reason, the SEP …

Jan 16, 2022 · The solo 401k opens up more options, the reason I created mine was because I wanted to borrow against it, which you can't do with a SEP IRA. Unless you're doing something unusual or …

Dec 13, 2023 · Solo 401k can usually allow you more money annually and leave open the option for a back-door ROTH conversion. A SEP IRA is easier to setup and manage but due to its nature of …

Oct 4, 2021 · One reason the solo 401k is labeled as "better," is because at certain income levels you can contribute more to the solo 401k than you can the SEP IRA. Most brokerage firms that offer a …

Jun 28, 2024 · SEP IRA: While offering high contribution limits, contributions are solely from the employer, which may result in lower overall contributions compared to a Solo 401 (k). Administrative …

Jun 14, 2022 · Small Business Owners - SEP IRA vs. 401K vs. alternative? I'm trying to figure out the best retirement plan for myself (and employees) for my small business. I currently have a SEP IRA …

Jul 26, 2023 · The amount you can contribute to solo 401k and SEP should be the same since you max your employEE elective contribution at your day job. Solo 401k offers some advantages: Enables …

Jul 9, 2021 · Solo 401k - I think similar to SEP IRA but not sure if there is much of a difference Maybe just setup a SEP IRA and start filling that up? (or if in the lower range of that income Roth IRA first …

Mar 8, 2023 · Is the next best option to open a SEP IRA for the tax year 2022, then create a solo 401k for tax year 2023 and beyond? After reading publication 550 on irs.gov, my S-Corp could contribute …