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SEP-IRA & i401K

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  • SEP-IRA & i401K

    When should I open an SEP-IRA and/or i401K? I should start residency in July 2021. Thank you.

  • #2
    Do you have 1099 income currently?

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    • #3
      As soon as possible. But, as Peds alluded, not possible without SE income.
      Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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      • #4
        Peds Yes, I do work as an Independent Contractor for another company in a non-physician role.
        jfoxcpacfp What is "SE Income"?

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        • #5
          Originally posted by goldstarmd View Post
          Peds Yes, I do work as an Independent Contractor for another company in a non-physician role.
          jfoxcpacfp What is "SE Income"?
          self employment.
          then yes. solo 401k.

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          • #6
            Originally posted by Peds View Post

            self employment.
            then yes. solo 401k.
            Yep. do the i401k even if small allowed amount

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            • #7
              Thank you all very much. I'm guessing it's fairly simple and straightforward to open one up?

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              • #8
                Originally posted by goldstarmd View Post
                Thank you all very much. I'm guessing it's fairly simple and straightforward to open one up?
                https://www.whitecoatinvestor.com/sep-ira-vs-solo-401k/

                https://www.fidelity.com/retirement-...etting-started

                Just for instance, multiple other brokerages. Not super complicated. Will need to get EIN online from the IRS, also easy. Come back with questions about how much to contribute

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