So I've got my reselling biz up and running, and while things are much more difficult this year than last I've been doing well enough to put some of it away in retirement accounts. Anticipating this option, and reading about backdoor / super Roth accounts last year on MMM and other sites, I went ahead and set up a Solo 401(k) last year. I've been fortunate enough to be able to push almost $5k into it over the past 12 months pre-tax, but came across a post / comment about other vehicles potentially allowing up to 53k / 100k per year in pre-tax retirement contributions.
To start with, my wife and I are fortunate enough to be high enough earners with minimal debt, so we're both maxing out our pre-tax 401(k) contributions at our day jobs. That puts us under the $183k limit to be able to make Roth contributions, and I plan to max that as well. I won't likely be able to get under the income to contribute to a regular IRA in a tax-deductible manner unless I can get a LOT more deductions or push a lot more funds into pre-tax accounts.
I've got the Solo 401(k) set up so that I can push 20% of my business revenue into it pre-tax as an employer contribution, but won't be able to push any more pre-tax as an employee contribution since I've been maxing it at my regular job. Adding my wife as an employee doesn't seem to be able to increase the amount I can shelter in pre-tax retirement accounts, since I'd basically be splitting that 20% into two accounts rather than increasing the maximum I can push volume-wise.
What else can I do to increase my pre-tax retirement contributions?
To start with, my wife and I are fortunate enough to be high enough earners with minimal debt, so we're both maxing out our pre-tax 401(k) contributions at our day jobs. That puts us under the $183k limit to be able to make Roth contributions, and I plan to max that as well. I won't likely be able to get under the income to contribute to a regular IRA in a tax-deductible manner unless I can get a LOT more deductions or push a lot more funds into pre-tax accounts.
I've got the Solo 401(k) set up so that I can push 20% of my business revenue into it pre-tax as an employer contribution, but won't be able to push any more pre-tax as an employee contribution since I've been maxing it at my regular job. Adding my wife as an employee doesn't seem to be able to increase the amount I can shelter in pre-tax retirement accounts, since I'd basically be splitting that 20% into two accounts rather than increasing the maximum I can push volume-wise.
What else can I do to increase my pre-tax retirement contributions?