Recently received a sizable tax free "gift" in the amount of $28k. Looking for a place to store this and help my tax situation. My 2018 tax return I grossed about $90k, and my taxable income for the year came to about $63k. I am a 50/50 owner in two different LLC partnerships, and also conduct between $10-15k / year in freelance business on the side as a sole proprietor. My Roth IRA for 2019 is already maxed out, and because I'm a small (very small) business owner, there's no 401k match for me. Is my best bet to open a Solo401k? Additionally, how do I figure out how much of the $28k can go towards the Solo401k? I would like to reduce my tax burden as much as possible. Lastly, this is money that I would like to sock away and not look at for a long long time.
**Side note: I dabble in real estate investing on the side, own two properties, so it might not be the smartest idea in the world to have a ton of losses on my 2019 return as it might cause problems with finding a loan. I'm not really sure. Can anyone offer me advice? Thank you so much!
Submitted March 18, 2019 at 09:56AM by Comexbackkid https://ift.tt/2JkEAO3
