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Mark Roden
Dec 5, 2008 - 11:15PM
employed without 401

I joined a group practice which does not have a 401k. I put away 5000k with an IRA, and rolled over my former employers 403b into the IRA. Is there anything else I can do to put away more for retirement? Do I have to rush to get it in by Dec 31st?
many thanks
Mark

Zip Code: 02215

a
Andrew Schwartz CPA
Dec 6, 2008 - 2:31PM
Re: employed without 401

Did you have any moonlighting, consulting, or other self-employment income? If so, you have until 12/31/08 to set up a Solo 401k, and then you have until 4/15/09 to fund the Solo 401k for 2008. That will let you put away $15.5k plus 20% of your net self-employment income into a pre-tax retirement savings account. With a Solo 401k, you are able to max out your salary deferrals if your employer does not offer you a 401k or 403b plan.

If you're married, make sure to check that your spouse is maxing out her salary deferrals at work for 2008.

Otherwise, I assume the group you joined has a retirement plan - just not a 401k plan. If they don't have a plan, you need to try to convince the partners to set one up for next year.

Zip Code: 01801

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