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Setting up a Solo 401K

Posted: Fri Dec 29, 2017 4:52 pm
by sanfran007
‚ÄčI rent out the in-law unit in my backyard. I also have a full time W2 job. I want to roll over my IRA (which was with my former employer's 401K) into a solo 401K so I can have more flexibility wrt investments. I don't want to put my rental income into a solo 401k if I don't need to.

How can I setup a Solo 401k if I have only rental income? I read that you can setup solo 401K if you have only Schedule C income and not Schedule E income.

Re: Setting up a Solo 401K

Posted: Sat Dec 30, 2017 12:31 pm
by PFInterest
you need 1099 income. do some surveys, a speaking gig, etc.

Re: Setting up a Solo 401K

Posted: Sat Dec 30, 2017 1:12 pm
by notmyhand
Correct, rentals on Schedule E do not count as earned income for solo 401k sakes