When is the deadline to set up and fund a solo 401k? roth solo 401k?

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Derivative
Posts: 262
Joined: Wed Jul 03, 2013 8:05 am

When is the deadline to set up and fund a solo 401k? roth solo 401k?

Post by Derivative »

When is the deadline to set up and fund a solo 401k? roth solo 401k? I am about ~100k in sole proprietor income and would like to fund the maximum after business deductions. When is the deadline to set up and fund a solo 401k/roth solo 401k, and are the deadlines different between setting up and funding?

Thank you! :happy
kaudrey
Posts: 1143
Joined: Fri Nov 22, 2013 1:40 pm

Re: When is the deadline to set up and fund a solo 401k? roth solo 401k?

Post by kaudrey »

The Individual 401(k) Plan must be set up by your business's fiscal year-end, generally December 31. Employer/profit sharing contributions can be made up until your business's tax filing deadline (generally April 15), plus any extensions.
Topic Author
Derivative
Posts: 262
Joined: Wed Jul 03, 2013 8:05 am

Re: When is the deadline to set up and fund a solo 401k? roth solo 401k?

Post by Derivative »

kaudrey wrote: Wed Dec 13, 2017 2:48 pm The Individual 401(k) Plan must be set up by your business's fiscal year-end, generally December 31. Employer/profit sharing contributions can be made up until your business's tax filing deadline (generally April 15), plus any extensions.
Thank you!!

So, just to be clear, any and all solo 401k/roth solo 401k contributions can be made after Dec. 31 of this year and up until April 15th right? I just need to set up the account by December 31st? Do you have a link to where I can read this?

Also, do most solo 401k providers require a minimum deposit/maintenance fee or not?
kaudrey
Posts: 1143
Joined: Fri Nov 22, 2013 1:40 pm

Re: When is the deadline to set up and fund a solo 401k? roth solo 401k?

Post by kaudrey »

Yes, that is right. Just do a google search for "deadline for setting up solo 401(k)" and you can read to your heart's content.

We did this for my DH several years ago.
DavidRoseMountain
Posts: 191
Joined: Sun Nov 30, 2014 2:27 pm

Re: When is the deadline to set up and fund a solo 401k? roth solo 401k?

Post by DavidRoseMountain »

For 2017 set it up by Dec. 31
For funding you have til when you file your taxes - both for the employer and salary deferral if you’re a sole proprietor.
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