Harvard Law Attorney George Blower leads an in-depth discussion of the rules regarding making 2021 Solo 401k Contributions for your self-employed business taxed as a sole proprietorship, single-member LLC or 1099-MISC/NEC Independent Contractor. 2:19 Solo 401k Contribution Limits 17:54 Scenarios & Examples 29:38 How to Use Online Calculator 30:53 How to Make Solo 401k Contributions 32:42 Solo 401k Contribution Deadline 34:04 How to Report Contributions 42:03 What is Not a Contribution LEARN MORE: The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below: -The highest contribution limits for any defined contribution plan including up to $57,000 (or even $63,500 if you are 50 or older) for 2020 (for 2021: $58k or $64.5 if you are 50 or older). -The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)