In this video I'm talking about a question from Reddit.com on 1099 independent contractors and their solo 401k plan contribution limits.

"Hello y'all. My wife signed an employment contract with a company as a 1099 contractor. Before signing the contract she asked them if they could pay her sole proprietorship directly. They agreed. We set up a business, elected to be taxed as an SCorp and she went to work. After a few weeks she was notified by her employer that the payroll company they use will not pay her business and will only mail checks out in her name.

AFAIK you have to have a business to have a solo 401k. Is this true? Is there a way to set up a 401k even though she is paid directly? We are ideally trying to save the max of 58k by using her business. But I am afraid that hope is gone now." Reddit.com

  / can_you_set_up_a_solo_401k_as_a_1099_contr...  


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