I was a sole proprietor of small business which I sold in July of 2020. I had a Solo 401K for my wife and I. Can I still contribute to my old solo 401k moving forward now that I no longer own the business. At the moment I am not working and my wife has a job that doesn't offer a 401k?
I have several rental properties though not sure if that qualifies. If I am not able to contribute what are my options to contribute the maximum amount in a tax deferred account? This year our combined income will be in the zone of $200K.
You need earned income from self-employment in order to contribute to a Solo 401k plan. Rental properties usually generate passive income.
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