Enter your self-employment income and see exactly how much you can contribute to each plan and how much you save in taxes.
For most self-employed people, a Solo 401(k) allows a larger contribution at the same income level because it combines a $24,500 employee deferral with employer contributions, while a SEP-IRA is employer-funded only and capped at 25% of compensation. A SEP-IRA is simpler and can be established after year end, which suits variable income.
Generally no. A Solo 401(k) is limited to the business owner and a spouse. Once you have a non-spouse employee who meets the plan's eligibility requirements, the plan must convert to a standard 401(k). Long-term part-time employee rules have tightened, so workers previously assumed to be excluded may now require coverage.
To make employee salary deferrals for a given tax year, a Solo 401(k) generally must be established by December 31 of that year. Employer profit sharing contributions can typically be made up until the tax filing deadline including extensions.
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