Hi! My husband and I file our taxes jointly. I have an accountant who handles all of this. I have an LLC business, and its filed as an scorp. I have a hard time grasping all of the legalities and information surrounding taxes/law/retirement info. I am guessing that since we file jointly, it is like saying that is how much we made together, 50/50 yah?

We both have separate roth iras through vanguard that we contribute the max yearly.

I recently opened a solo 401k and am having trouble wrapping my head around that one. For 2021 I put in $19500 as an employee, and I am waiting to hear from my tax guy on how much I can contribute as an employer. From my understanding it is 25% of my net income that is displayed on a w2 yes?

I am curious if my husband could also open a solo 401k and fund it the same way, or will income determine that since we file jointly? Would he be able to open one and put in $19500 in his as well? I cant find any good info on that online. Thank you!

My husband helps with the business and has no other income btw.

This content was originally published here.

In this article: