👥 Solo 401k Employee Rule: Who Disqualifies the Plan?

[Mark Nolan]

Question: If I hire help for my contracting business, will I lose eligibility for my Solo 401k?

Answer: A Solo 401k is designed for owner-only businesses. A non-owner W-2 employee who works 1,000 or more hours a year in the business disqualifies the plan. A spouse who works in the business is the exception. SECURE 2.0 also added long-term part-time employee rules, so business owners should check with their plan provider before hiring anyone.

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When Do I Need to Close My Self-Directed Solo 401k Plan? - My Solo 401k Financial

My Solo 401k Financial offers self-directed Solo 401k, IRA LLC & ROBS 401K Retirement Plans. Learn about When Do I Need to Close My Self-Directed Solo 401k Plan?

Mark Nolan

Compliance Officer

Contact

1-800-489-7571 www.mysolo401k.net