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Small Business Financial Planning Question

 

Q: If I change from a full time employee to a contract worker under my LLC can I still contribute to a 401 plan or Roth IRA?

A: Thanks for your question. Yes, you are eligible to save in a retirement account even after you become a 1099’d employee. You have the option of setting up a retirement plan such as 401k, a SEP, or Simple IRA for the LLC. If you don’t go this route you can always save in the Roth IRA as long as you have earned income and meet the other income requirements. I hope this helps… Good Luck!


 

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