Trying to help a family member:
Full-time job W2 maxed employee contribution of $19,500, employer matches a small amount
Second part-time job, have a singe member LLC, non-W2 income.
Interested in maximizing tax deduction and catching up on retirement savings.
Did a SEP IRA last year. I think the SEP IRA was something like income-expenses and then could contribute up to 20% of that. Is Solo 401k better? Can another $19,500 employee contribution be made? Or since that was maxed out as W2 employee the only option is to make an employer contribution under the LLC up to $58,000? What is the max that can be contributed via Solo 401k? More than SEP IRA?
You may find these links helpful:
– [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)
– [401(k) FAQs](/r/personalfinance/wiki/401k)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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A SEP IRA is just as good as a solo 401k for this person. The $19,500 employee contribution limit applies to all 401ks.
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