Can I unfurl a SEP or Solo 401k? I was a W2 member of staff but am now doing some

I was a W2 member of staff but am now doing some work as a 1099 contractor for a few months. I am not incorporated or enjoy a seperate TIN for my business or anything like that. I probably will capture a W2 job again by the wrap up of the year.

What constitutes being "self employed"? Am I eligible to clear a SEP or Solo 401k?

Answers: You can do either. You won't requirement the TIN for the business as you're just going to run everything through the diary C. But you will need a TIN for the SEP or Solo 401k. Easy to do...you can even do it online. Go to www.irs.gov and do a flush for SS-4.

Now as to whether you should or not.If you don't plan on putting in incredibly much then the SEP is the opening to go. You're set to 20% of your earnings using the SEP. plan set up is unproblematic and cheap. You can do this yourself. If you want to exceed that amount then the solo401k is the mode to go but to set up the plan set up would be more expensive and little more difficult. Can't do it yourself. Only do this if going to be an ongoing business.
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