• Skip to primary navigation
  • Skip to main content
  • Skip to footer
Solo 401k

Solo 401k

by Nabers Group

  • Learn
    • Setup >
      • Solo 401k Setup Process
      • Pricing
      • Services
      • Features
      • Deadlines
      • Compliance Calendar
      • Who is the Trustee and Custodian?
      • Do I Need a Third Party Administrator?
      • Multi-Member LLC and the Solo 401k
      • Is a Solo 401k Protected Against Bankruptcy?
      • Checkbook IRA >
        • What is the IRA LLC?
        • IRA LLC Setup Process
    • Funding >
      • Funding Your Solo 401k
      • What’s the Difference Between a Transfer and a Rollover?
      • Rollover Real Estate from the Self-Directed IRA to the Solo 401k
      • How to Document an Indirect Rollover
      • Rollover Real Estate from the IRA LLC to the Solo 401k
    • Contributions >
      • Solo 401k Contributions
      • Contribution Calculator
      • Sole Proprietorship Contributions
      • LLC and Partnership Contributions
      • Voluntary After-Tax Contributions
      • Corporation Contributions
      • Mega Backdoor Roth
      • Contribution FAQs
    • Qualification >
      • How to Qualify
      • Multi-owner LLC Business and the Solo 401k
    • Reporting >
      • Solo 401k Reporting Requirements
      • IRS Form 1099-R
      • How to File Form 5500-EZ
      • Where to File the 5500-EZ and Other FAQs
    • Roth Solo 401k
    • Prohibited Transactions
    • Calculators and Tools >
      • Contribution Calculator
      • Roth Conversion Calculator
      • Solo 401k Retirement Calculator
      • Home Budget Calculator
      • Roth vs Traditional Contribution Calculator
    • Blog
    • Solo 401k FAQ
  • Invest
    • Cryptocurrency >
      • Cryptocurrency Basics
      • Crypto In Your Solo 401k
      • Grow Crypto Gains Tax Free with Roth 401k
      • FAQ – Bitcoin In the Solo 401k
    • Real Estate >
      • Real Estate and the Solo 401k
      • Real Estate Example
      • Financing
      • Non-Recourse Loans
      • Non-Recourse Lending Resources
    • Promissory and Mortgage Notes
    • Tax Liens & Deeds
    • Gold & Silver
    • Brokerage Accounts
    • Private Placements
  • Borrow
  • Pricing
  • Reviews
    • Reviews
    • About Us
    • Refer a Friend
  • Network
  • Support
    • Knowledge Base
    • Community
    • December Daily Q&A
  • Login
Sign Up

20 Ways to Become Eligible for a Solo 401k Plan

You are here: Home / Blog / 20 Ways to Become Eligible for a Solo 401k Plan

September 6, 2018 by Editorial Team Leave a Comment

The Solo 401k is for Solopreneurs. A Solopreneur is a solo entrepreneur or solo business owner.

Your Solo 401k business can be your main full-time job, part-time, in addition to a full-time job, etc. The business can be any entity structure, including a sole proprietorship, (single or multi-member) LLC, S-Corp or C-Corp, or a partnership. Sole proprietor is the most common form of business.

You can start with one business entity and change your business entity later on. For example, you may start your business (and Solo 401k) as a sole proprietor and change to an S-Corp later on.

You also have full flexibility in changing your business. You can start with one type of business (for example, a sole proprietorship Uber driver) and later change to a completely different business (for example a videographer using an LLC as the business entity)

You can earn income from your business as 1099-MISC, Schedule C, K-1, 1120, 1120S, or 1065. The money you get from your business to qualify for the Solo 401k must be “earned” income (instead of “passive” or “unearned” income).

Your Solo 401k business cannot have any full-time W2 employees, other than you or your spouse. You may have part-time W2 employees (who work under 1000 hours per year), or independent (1099) contractors who work with your business.

If you have no W2 employees in your business, you qualify!

Your Solo 401k business can be a side-business and it’s OK to have a regular “full-time job” in addition to your Solo 401k.

Some common examples of Solopreneurs are:

  • Software developers
  • Coders
  • Landscapers
  • Attorneys
  • CPAs
  • Uber and Lyft drivers
  • Handyman
  • Writers
  • Consultants & coaches
  • Salespeople
  • Engineers
  • General Contractors
  • Architects
  • Realtors
  • Real estate professionals
  • Photographers/videographers
  • Anyone who receives 1099-MISC income

The following 20 freelance websites are a great start for easy, quick ways to begin your own business and qualify for a Solo 401k:

  1. Start your own Consulting Business

  2. Driver for Uber or Lyft

  3. Walk dogs and get paid on Rover

  4. Showcase your graphic design skills on 99 Designs

  5. Design websites or software at Get A Coder

  6. Get jobs from sales to construction work at Simply Hired

  7. Perform administrative work from home with Guru, Freelancer, and Elance
  8. Upwork has everything from short to long term projects, and entry to expert level positions

  9. Top Total is geared toward experienced freelancers and boasts clients such as JPMorgan, Airbnb, and others

  10. If you’re tech savvy, People Per Hour has freelance gigs for you

  11. Are you a filmmaker or photographer? Design Media is a great freelance site to get creative jobs

  12. College Recruiter is the perfect start for college students or recent grads looking for freelance work to earn cash

  13. If you’re a marketer or copywriter, The Creative Group will put you together with businesses and organizations in need of your services

  14. Provide customer support from your the comfort of your home with We Work Remotely

  15. Like to talk on the phone? Do telecommuting work in accounting, human resources, and more with Skip the Drive

  16. If you have specialized expertise in a particular area, Just Answer will pay you to answer expert questions

  17. Are you a whiz at math, science, languages, or history? Join Tutor, the world’s largest online tutoring and freelance community. 

  18. If you work with your hands, Task Rabbit is an excellent choice. Choose from local jobs in your area that need done, from assistant tasks like picking up or dropping off the dry-cleaning to handyman work

  19. Artists should check out Art Wanted, where you can sell original artwork

  20. Do you know a foreign language? Make money as a translator with Project 4 Hire

There is no income threshold for your business to qualify for the Solo 401k. You can start your Solo 401k on the day you launch your business (even if you haven’t made any money yet in your business). You can even setup your Solo 401k while you’re doing market research on what type of business you want to start.

Category iconBlog,  Entrepreneurship,  Solo 401k,  Solo 401k Qualification,  Solo 401k Setup Tag iconblog,  Entrepreneurship,  Solo 401k,  Solo 401k Qualification,  Solo 401k Setup

5 Ways To Buy Bitcoin

Learn about 5 ways to buy Bitcoin and the pros and cons of each.

(Including how to put BTC in your IRA or 401k)

Learn More

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ready to take control of your financial future?

Start where you are. Use what you have. Invest in what you want.

Get Started

Footer

Solo 401k by Nabers Group

Solo 401K experts at Nabers Group will help you get your retirement funds into your control, where they belong.

600 17th Street
Suite 2800
Denver, CO 80202

Phone: 877-SOLO-401 [877-765-6401]
Fax: 775-201-1456
Email: [email protected]

Business Hours:
Monday-Saturday 8 am-6 pm MT
Sunday by appointment

Nabers Group BBB Business Review

Sitemap

  • Home
  • Pricing
  • About Us
  • Reviews
  • Blog
  • Solo 401k Client Login
  • Contact Us

About the Solo 401k

  • Qualification
  • Pricing
  • Setup Process
  • Investment Options
  • Roth Solo 401k
  • Reporting Requirements
  • Prohibited Transactions
  • Participant Loan
  • Crypto In Your Solo 401k
  • Real Estate in Your Solo 401k
  • FAQ

Stay Connected

Get the latest self-directed investor news, market updates and trainings straight to your inbox.

Copyright © 2021 Nabers Group LLC | Terms | Privacy

Digital asset services are provided by Nabers Digital LLC