For 9 months this year (it will be in September), I did a side gig, made about $15,000-$20,000 in extra income. I want to open a Self (Solo) 401K to reduce my tax liability and max it out. I am 31 years old, and I only have a Roth IRA, no company 401K. It is very likely the next few years I could have no side gig income, so this is a very one off year.
Is it stupid to go through the process (and paperwork from Vanguard) , open a solo 401k, with the intention of not using it again? Perhaps years down the line it could be used, but that's not a given.
Submitted July 10, 2018 at 07:32AM by reddituser4200216 https://ift.tt/2L7ICpD
