Solo 401k with employees Explained

If you're a self employed small business owner with a solo 401k and employees this video is for you.

The solo 401k is a single participant 401k plan that is much simpler the manage than the traditional 401k plans. Once you have part time or full time employees then you need to pay close attention to possible mandatory changes to your 401k retirement plan.

The Secure Act of 2019 added some complexity to the solo 401k and eligibility requirements for employees. The same retirements apply for the traditional 401k retirement plan as they do for the solo 401k.

The key to understanding how this works in that the solo 401k is based on eligible participants. So, even if you have employees you may still not have eligible participant employees.

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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

twitter: @travissickle

Sickle Hunter Financial Advisors
1646 W Snow Avenue
Suite 144
Tampa, FL 33606

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Information in this video is for educational and entertainment purposes only.
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[josephsorrentino]

Great video. Question In regards to a solo 401k with other entities with W-2 employees.. I’m a dentist and co owner of a dental practice with many full time W-2 employees. Last year I created a real estate management company for myself and wife so we could creat a solo 401k. I then rolled some of my dental 401k into this and have been using this new self directed 401k to invest in alternative investments. It sounds like I can’t do this according to your video. Is this true? And is there a way around it? I never plan on contributing directly to new 401k, only rolling over. Thanks for all the help!

[piesky]

Thank you for a great video. I file schedule C for 1099 income. Can I still have & contribute to a solo 401k if I have employees:
1) who are under 21 years old (specifically, my kids)?
2) who are over 21 years old, but work less than 499 hours/year?