I always seem to find a few different ways to make some 1099 income, and I was wondering if I can open up a solo 401k and make employer contributions using the combined income from all of the sources. I am working for Appen Butler Hill and also selling tradeline spots. I won't make much this year but might hit $15,000 next year with some luck, so if I am calculating correctly it would be $2541 of tax advantaged space total. ($15,000-15.3% SE tax X .2)
Also, to anyone that has set one up before, is it time consuming compared to setting up an IRA?