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FAQ

I'm an owner truck work as self employed do I qualify for SOLO 401k plan?
Yes a self employed individual can open a 401(k). This is often referred to as a Solo 401(k). In reality, a Solo 401(k) is just a normal 401(k) plan, however you are exempt from certain testing and filing requirements because you do not have any staff.Here is a quick breakdown of the most popular options:IRA - lowest contribution limitsRoth IRASimple IRA - slightly higher contribution limits. Allows for employer contributions.SEP IRA - very popular for self-employed business owners who want to contribute more than the IRA limits, but do not want to contribute more than 25% of their earned income.401(k) - popular for business owners who want access to a Roth 401(k), want to contribute more than 25% of their income, or want access to additional features such as in-plan loans.
Can my single member LLC pay my wife's single member LLC for consulting services? Can she then contribute this LLC income to her solo 401k?
Yes, but if you both have “solo” K plans, please be advised that you are a control group, affiliated service and are related as owners to the plans of both corporations. That means that the $250K 5500 filing limit applies to both of you combined. So when you combined accounts reach $250K, you must file a form 5500 ez for each plan. Your plans are tested together, so if either of you ever hire employees both corporations are tested together. “income” for purposes of deferring or making an Employer contribution are funds received that are subject to self employment tax.
What happens if a small non-profit who has filed a 1023-EZ exceeds $50,000 in gross receipts?
Hi Arthur, thanks for the A2A.If I understand you correctly, you are currently filing (or hoping to file) a 1023-EZ, but now that your receipts are over $50,000, you are wondering whether you should begin filing a regular 1023.In my opinion, the IRS would want you to file a regular 1023 once you go over $50,000 in receipts. I say this because in its 1023 instructions (revised Aug. 2021 -- https://www.irs.gov/pub/irs-pdf/...) there is a checklist on page 11 that advises you not to complete the form if you (a) expect your receipts to go over $50,000 or (b) if you expect your receipts to go over $50,000. Apologies -- I know that is not what you wanted to hear.I doubt that filing the EZ form would make you lose your status, but you might be asked to file the longer form or run into other red tape. You can call the IRS Exempt Organization Customer Account Services toll free at 1-877-829-5500 or access information on their website at Tax Information for Charities & Other Non-Profits, but I suspect they will advise you to fill out the long form, too.Please note that I am not an attorney or an accountant, so please take an expert's opinion over my own.