I was wondering if anyone on the forum has:
1. A full time W2 where they don't control the company they work for
2. One (or more) businesses they own that produce considerable income that have been adopted by their SoloK
My wife and I are high income earners and are looking to:
3. Minimize taxes
4. Fund both traditional and Roth IRA accounts for post-FI withdrawals. We'd like to take the 72(t) distribution later if possible so presumably the Roth money would be the "gap" money between FI and drawing from our traditional IRA or SoloK later on
My understanding based on research in the articles below and elsewhere online is that we can fund BOTH of these accounts if we have a W2 and a SoloK.
http://www.investopedia.com/articles/retirement/05/commonquestions.asphttp://www.tpagroup.com/forms/faqs.htmlSo I'm thinking we could fund ALL of these items in a given calendar year to fast-track FI:
1. Me - Fund $17.5k to Roth 401(k) at employer; match ~4%
2. Wife (She works too) - Fund $17.5k to Roth 401(k) at employer; match ~4%
3. Fund $53k for me in SoloK for our real estate development business
4. Fund $53k for DW in SoloK for our real estate development business
The incomes for this year will probably be:
5. Low $200kish combined W2
6. Around $300k from "side hustle" (yes....the income is high, but it may not be there forever...cyclical business)
If items 1-4 are correct we could potentially stuff $141k in tax-advantaged accounts this year. Items 1 and 2 would help with gap money and items 3 and 4 would help with 72(t) money later in life. Thus we'd be contributing more than the combined SoloK limits of $106k in tax year 2015 for my wife and I combined.
Has anyone done this? Any ideas? My accounting firm seems to be a bit cautious about this and they probably don't have many clients with this situation so we're a bit of a corner case.