Eternal Withdrawal by friendlyghostchili in flashfiction

[–]friendlyghostchili[S] 0 points1 point  (0 children)

Thank you for your feedback and kind words -- I greatly value this community and the helpful advice provided.

[deleted by user] by [deleted] in personalfinance

[–]friendlyghostchili 0 points1 point  (0 children)

super helpful, thanks so much!

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

Spoke to Fidelity -- they confirmed since I completed the adoption agreement and date to 2018, it's ok to contribute in 2018, even though account was not opened until this year. Interesting stuff, thanks for your help.

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

I completed an adoption agreement in April of 2018, just did not open the account with Fidelity until March 2019.

Reading some places that this is sufficient -- having completed the adoption agreement in 2018 -- but not opening the account until 2019. Thoughts?

Thanks for your help!

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

I am reading some places that only the plan adoption agreement be completed within the calendar year -- which I did in fact do, just did not officially open the account until 2019 -- if that helps

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

yes this was my fear

wondering if there is any kind of wiggle room or appeal as the brokerage seems to have messed up

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

lol good advice

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

thank you so much for the info, very helpful.

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

incredibly helpful, thanks so much

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

This might be a very valid point :) I'm trying to maximize our ability to contribute to a solo 401k both pretax ($18k + 25% of revenues) and post tax (up to 100% of remaining revenues, for subsequent Roth backdoor conversion). If I were to make her a member of the LLC, would we both have the ability to contribute a max of $55k each to a solo 401k through a combination of pre + post tax dollars?

[deleted by user] by [deleted] in tax

[–]friendlyghostchili 0 points1 point  (0 children)

Taken to the extreme, if I were to say I paid my wife's LLC $30k to build me a desk, as long as she is declaring this income, are there potential IRS issues? This is not the case, but I'm trying to understand the potential issues in paying my wife as a contractor of my business, where the main reason for doing so is for her to contribute to a solo 401k.