Carry Learning Center

If you have a Solo 401k, staying compliant does not end after setup. Plan documents require periodic updates to reflect changing IRS rules. Missing these updates can lead to unexpected consequences. That is why Solo 401k restatements exist. In this article, you will learn what a Solo 401k restatement actually is, why it matters, and what to [...]

Starting in 2026, many Solo 401k owners aged 50 and older will face new rules on how they handle “catch-up” contributions. Under the SECURE 2.0 Act, those with prior-year wages above a certain threshold must designate catch-up deferrals as Roth. This means they’ll be made with after-tax dollars, without reducing current-year taxable income. The IRS has [...]

If you’re setting up a Solo 401k for 2025, you’re probably focused on maximizing your retirement savings and reducing current income taxes. But there’s another piece that often trips up self-employed filers and small business owners: how these contributions affect payroll taxes like Social Security and Medicare. A Solo 401k can shelter a meaningful portion of [...]

Earning both W-2 and 1099 income opens the door to extra retirement contributions — but it also adds complexity. If you already have a 401k through your employer and want to set up a Solo 401k for your side business, the IRS has strict coordination rules you must follow. It’s easy to make honest mistakes that [...]

Running your own business or side gig? You might want to consider a retirement plan made for people like you.  A Solo 401k could be a strong option. It’s built for self-employed individuals, with higher contribution limits and generally more flexibility than regular retirement accounts. In this guide, we’re looking at two different Solo 401k plan providers: [...]

Running your own business does not mean missing out on the tax benefits often available to employees at larger companies. A Solo 401k can potentially help freelancers, consultants, and single-member LLC owners defer ordinary income taxes and save meaningful dollars for retirement in a tax-advantaged way.  For 2025, the IRS has increased employee contribution limits and [...]

Understanding Solo 401k rules can get more complicated once part-time employees enter the picture. The SECURE Act 2.0 requires certain long-term, part-time workers to be included in retirement plans. This means small-business owners and self-employed individuals need to know which employees qualify, how contributions are handled, and what compliance steps apply. For example, a freelancer who [...]

Saving for retirement can feel complex, especially if you are eligible for multiple tax-advantaged plans. Some individuals have access to both a 457b and a Solo 401k and want to understand how to contribute to each without exceeding IRS limits.  In 2025, the elective deferral limit for both plans is $23,500, though eligibility rules and contribution [...]

If you’re self-employed or run a small business with no full-time employees, the Fidelity Solo 401k may be worth considering as a retirement savings option. Fidelity does not charge account maintenance fees and offers access to a broad selection of investments, including mutual funds, ETFs, individual stocks, and bonds. The platform also provides $0 commission online [...]