Can I contribute to both a Roth IRA and the Roth provision of a Solo 401(k)?
YES! This is great news for individuals who qualify for both a Roth IRA and a Solo 401(k) since you have two plans to make Roth contributions to and increase your tax-free earning potential! For individuals who qualify for both a Roth IRA and a Solo 401(k) the combined Roth contribution limits for 2023 are $29,000 if under age 50 and $37,500 if 50 or older. Eligible married couples who both work in the business can each fund their own Solo 401(k) and double those amounts.
Latest Webinars
Advanced Insights to Self Directed Retirement Accounts
Need some help understanding the ins-and-outs of self-directing your retirement investments? Then you've come to the right place. In this STC webinar you'll:
- Learn about using leverage in your retirement portfolio through non-recourse loans
- Understand what investments may trigger UBIT or UDFI
- Decide if you should investigate a Roth conversion for your account