Roth Solo 401k
The Roth Solo 401k offers a powerful tax-free solution for your retirement savings. The plan is funded by after-tax dollars, which means you gain tax-free growth, tax-free investments, and tax-free withdrawals. Although the Roth Solo 401k does not give a tax break up front, it does offer powerful tax solutions over the long term.
The Roth Solo 401k combines the advantages of the Solo 401k with the tax benefits of the Roth IRA.
High Contribution Limit & No Income Restriction
The Roth Solo 401k allows up to $30,000 in after-tax dollars to be contributed per year (for 2023) while the Roth IRA only allows a maximum of $7,500 in annual contributions. Unlike the Roth IRA, there is no income restriction to contribute to a Roth Solo 401k.
The plan’s high contribution limit allows participants to save large amounts of tax-free dollars for retirement. Those savings can be grown, invested, and diversified to become a secure, tax-free source of income for retirement. If passed on to one’s heirs, it would provide a tax-free inheritance for them.
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