Can you contribute to a Solo K while working and receiving a W2

Forum|Forum|5 years ago
March 9, 2021
3 replies
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My client came to me to say he set up a solo K for himself. He's working and earning wages in the form of a W2. His employer doesn't offer a retirement plan.

I thought you have to have self employed income to be able to do this? Am I missing something here? Working and receiving a W2 is not self employmen

For sure he can contribute to an individual traditional IRA but he insisted that his investment advisor says he can create his own 401K.

What are your thoughts?

ProSeries Professional

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IRonMaN

Level 15

Of course he can create it ------------------ and some day when he is self employed he can contribute into the account. Until then he as to go the IRA route.

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