How do you ACTUALLY set up a self directed 401k
After researching different retirement accounts, I've decided that a self directed solo 401k plan is a good fit for me. I have self employment income and no w2 employees. When I search for how to start an account, I get all sorts of information about how great they are... I got that already! Lol. How do I ACTUALLY set one up?
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A provider will create the legal framework and put you in control of the plan. The plan is a trust, you will be the trustee, and you will operate the plan out of a bank account at the financial institution of your choosing. It is fully self-directed.
If the plan is setup before December 31st, you may make 2015 contributions to the plan. Whether you could max out with $18K on the Roth portion would depend on your situation and income and would be a matter to discuss with your tax advisor relative to your business tax filing. It is likely if you have decent income in your business.