Real talk. My employer doesn’t offer 401K or any investment or tax-sheltered vehicles. That said—I have a side company I own but isn’t making income right now. Is it possible to invest in my own company, set up a 401K for myself there and get the 57K/year max contribution?

Effectively, if I were to do this, the company would have me on payroll, contribute to 401K and ultimately take a loss.

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You don't need to open a company and contribute to a 401k. You can just contribute to an IRA

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Nevermind, I see what you're trying to do.

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Can you do a self employed 401k?

https://www.fidelity.com/learning-center/personal-finance/retirement/self-employed-401k

Good call. Haven’t looked into that yet!

Heard of a retired contractor who had hired his wife under his companies name, paid her a hefty salary and benefits etc. idk if they ever actually did business under the company but I imagine profits weren’t the point.

Yeah, have actually done that in the past...and my mom when she was unemployed—but don’t have those options now. We’re a 2 person working household & have got to find some options for retirement/tax benefit. Getting slaughtered.

I don’t see why not, but I’m not an expert in this area. Also, conventional wisdom is that an SEP IRA is easier to administer than an SEP 401k.

Yes. I have a SEP. problem Is that a SEP is based on income—so I can only have an employer contribution of 25%. To get any real numbers I’d have to put myself on a super high salary. I think with 401K its not tied to income amount—just a max benefit. So I could earn minimum wage even and end up with 57K pretax contribution total.

Trying to figure out if I’m missing anything. My CPA sucks.

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