Solo 401k and future multiple member LLC Implications - Retirement Account options

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mdbravelion
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Joined: Fri May 14, 2021 12:02 pm

Solo 401k and future multiple member LLC Implications - Retirement Account options

Post by mdbravelion »

Hi All,

I currently have a solo-401k setup for freelance work(1099). The freelance work is all medical-related; I am a physician. I contribute the max(employee) + 20% employer contribution each year as allowed by the rules. I am throwing around the idea of forming a partnership/multi-member LLC and starting a medical practice. The practice will have other 'owners' and possibly future partners.
I'm assuming the partnership/LLC income will be channeled to myself as a K-1. How does this affect the solo 401k? Assuming the freelance work continues, and the K1 is obviously in the same field, can the solo-401k be funded? What are the other options for tax-deferred retirement accounts in this future scenario? Thank you!
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