The Wyoming solo 401(k) LLC is a retirement savings vehicle designed for the self-employed. This plan option is only for single employee-businesses with no employees other than their spouse.
One of the biggest benefits that a Wyoming solo 401(k) solo LLC plan offers is that it has a generous contribution limit. In 2015, a Wyoming solo 401(k) LLC plan owner can contribute up to $18,000 in an employee salary deferral (plus $6,000 if you are 50 or older). The employee salary deferral means that your taxable income for the year is reduced by the amount of money you contribute to the plan.
This Wyoming LLC acts as a Roth solo 401(k) provider with a Roth “Bucket” option, allowing you to make Roth contributions ($18,000 for employees plus an additional $24,000 for individuals over 50) for 2015 without income restrictions. Furthermore, the solo 401(k) plan allows you to borrow up to $50,000 or 50% of your account value, up to $50,000.
In addition to what the employee contributes, the employer can contribute another $35,000 annually. The total contribution limit is $53,000 (or $59,000 for individuals over 50). If you are a business owner looking to maximize your savings while minimizing next year’s taxes, using an individual 401(k) provider through our Wyoming solo 401(k) LLC plan may be a great option.
A Wyoming solo 401(k) LLC is a flexible retirement plan for self-employed owners, such as real estate investors, real estate agents, consultants, lawyers, doctors, contractors, and more. With a Wyoming solo 401(k) LLC, there are various ways you can invest in your retirement. A Wyoming solo 401(k) LLC allows you to quickly purchase time-sensitive, alternative investments, such as rental properties, tax liens, private mortgages, precious metals, and other non-traditional investments.
Wyoming Corporate Services, Inc. will establish the Wyoming solo LLC entity. We have partnered with a Solo 401K providing company, Provident Trust Group, to establish the 401(k) component.
For more detailed information please visit our website https://wyomingcompany.com/solo401/