Ask the Self-Directed IRA and Solo 401k Experts

I have a defined benefit plan that I max out, can I also adopt a solo 401(k) Plan for my business?

Ming W., CA

Hi Ming,

Yes - since a defined benefit plan includes only employer contributions, you can establish a Solo 401k Plan and make employee deferral contributions to the plan even if you have maxed out your DB contributions. With a solo 401(k) Plan you will be able to supplement your defined benefit plan contributions and make employee deferral contributions for 2018 equal to $18,500 or $24,500 if you are over the age of 50. The deferrals can me made in pre-tax or after-tax (Roth).

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