{"id":3695,"date":"2025-08-02T16:41:25","date_gmt":"2025-08-02T21:41:25","guid":{"rendered":"https:\/\/www.connerash.com\/blog\/?p=3695"},"modified":"2025-08-04T16:43:40","modified_gmt":"2025-08-04T21:43:40","slug":"dont-forfeit-your-solo-401k-2","status":"publish","type":"post","link":"https:\/\/www.connerash.com\/blog\/dont-forfeit-your-solo-401k-2\/","title":{"rendered":"Don’t Forfeit Your Solo 401(k)"},"content":{"rendered":"
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\"\"<\/figure>\n<\/div>\n\n\n

A 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. In addition to the maximum annual contribution amount allowed for your age, you can make matching contributions to your account.<\/p>\n\n\n\n

SOLO 401(K) PLAN ADVANTAGES<\/h3>\n\n\n\n

Administrative simplicity is a major plus with Solo 401(k) plans. Nondiscrimination testing is not necessary and there are minimal filing requirements. Additionally, there are no \u201cfidelity bonds\u201d or traditionally required ERISA Title 1 notices for employees required.<\/p>\n\n\n\n

THERE’S A CATCH<\/h3>\n\n\n\n

Before you choose a Solo 401(k), beware that you cannot have any employees (other than your spouse), so if you have employees or want to hire employees in the future, this plan is not for you.<\/p>\n\n\n\n

That’s because Solo 401(k)s automatically lose their qualified plan status as soon as a common-law employee meets the plan\u2019s participation requirements.<\/p>\n\n\n\n

If you have a Solo 401(k) and find you need to hire help, consult your professional advisor about amending plan documents, before they become eligible to participate. Otherwise, you risk disqualification, penalties, and contribution refunds. If you have two plans, remember elective deferral limits are by person, not by plan.<\/p>\n","protected":false},"excerpt":{"rendered":"

A 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. In addition to the maximum annual contribution amount allowed for your age, you can make matching contributions to your account. SOLO 401(K) PLAN ADVANTAGES Administrative simplicity is a major plus with Solo 401(k) plans. Nondiscrimination testing is not necessary and … <\/p>\n

Continue reading “Don’t Forfeit Your Solo 401(k)”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[317,39],"tags":[],"class_list":["post-3695","post","type-post","status-publish","format-standard","hentry","category-401k","category-newletters"],"yoast_head":"\nDon't Forfeit Your Solo 401(k) - Conner Ash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.connerash.com\/blog\/dont-forfeit-your-solo-401k-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don't Forfeit Your Solo 401(k) - Conner Ash\" \/>\n<meta property=\"og:description\" content=\"A 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. 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