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The basics of a Solo 401(k)

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Question: Trevor in Deer Park: I have a support job, but I also work for an employer during the week. Can I save the money I earn from a side job at 401 (k)?

A: You really should keep these ‘buckets’ of savings separate. And it’s actually a simple way, assuming your side job consists only of you: Use “Solo 401 (k)”.

The Solo 401 (k) is basically exactly what it sounds like. It is a 401 (k) plan specifically designed for self-employed people who have no employees (the IRS calls it a single 401 (k) participant). With this type of plan, you play the role of both employer and employee, so the limits on your contribution are greater than the standard 401 (k): in 2021 you can give up to $ 58,000 or, if you are 50 or older, you can contribute up to $ 64,500.

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