I've very recently started working as an independent contractor. We are living off of my spouse's income and plan to divert 100% my earnings towards retirement. Because there's only ~3 months left in 2016 my earning potential for fy16 is limited (plus, I'm still ramping up). This is our only income in $USD for 2016.
Question: Assuming earnings of ~$10k, is there a preference between putting that into our IRAs (up to the 2 x $5500 limit) or into a solo 401(k)? I'm leaning towards the IRA simply because we already have IRA accounts from previous years, but I'm not sure if I'm missing an advantage of the Solo 401(k).