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Contributed by mm | August 30, 2005 2:06 PM PST
Good starting point to understand the solo 401(k).
From 401(k) Helper Center:
"How can I set up my own 401k?" is a common reader question.
We suspect that most people who ask are rank-and-file employees who are dissatisfied in some way with their 401k at work. In that case, the answer is, "Sorry, you can't. You're stuck with the plan your employer offers."
But, if you are self-employed, rule changes contained in the 2001 tax bill may make a one-person 401k plan a viable alternative to other retirement plans for small businesses. One catch is that it likely wouldn't be cost-effective if your business has any employees who would be eligible for the plan.
Contributions to a one-person 401k plan are based on revenue generated by your business. If you participate in any other plan, with another employer, you must coordinate one-person 401k contributions with that plan so you meet the IRS limits described below.
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Fortunately we have too many "highly compensated employees" at Microsoft so I will only know of this on paper instead of reality.
PFBlog readers, have you been penalized for being highly compensated?
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