Is the $1500 Solo 401k Tax Credit Limited to the costs to open a Solo 401k? #solo401k #taxcredit

Is the $1500 Solo 401k Tax Credit Limited to the costs to open a Solo 401k? #solo401k #taxcredit

Harvard Law Attorney George Blower explains how unlike the 401k startup cost credit for full-time employer plans, the $1500 Solo 401k tax credit is not limited to the costs to set up and maintain a Solo 401k so one may claim the full $1500 in tax credits even though the costs to open and maint a Solo 401k are less.

https://www.mysolo401k.net/is-the-1500-solo-401k-tax-credit-limited-to-the-costs-to-open-a-solo-401k/

Learn about the Free Self-Directed Solo 401k Government Tax Credit-https://www.mysolo401k.net/the-self-directed-solo-401k-auto-enrollment-tax-credit-aka-auto-contribution-arrangement-continues-in-year-2024/

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The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:

-The highest contribution limits for any defined contribution plan including up to $69,000 (or even $76,500 if you are 50 or older) for 2024.

-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.

-401k participant loans of up to $50,000

-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.

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