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Single Owner Roth 401KForum overview » Roth 401k thread » Single Owner Roth 401K 
 
 TexAgSteve
Posted 2007-10-26 10:10:59 I am trying to set up a Roth 401K for my wife's single proprietor owned business. She has no employees and the intent is to diversify retirement savings, shelter income avoid SE tax, income taxes, etc. If her gross income is $30,000, adjusted to ~$12,000 after deductions/expenses, how do you treat the Roth 401K contribution on the schedule C? Can you deduct it from the gross? Or does it make more sense to just set up a 401K, single owner plan?
brent
Posted 2007-10-30 16:10:19 Hey Steve. Good questions first it's net not gross. A solo 401k could be a very good product. The solo Roth 401k is a little more complex with the tax advantages when you withdraw. If you want to reduce current taxes a Solo 401k would make more sense and you should qualify. Yes! I think this makes sense!!!!! Good luck!
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