Reply to DH 401K Maxed Out, What about me?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Also, if your employer has a 401k, health benefits, etc. he/she/it is running a huge risk of having those plans declared non-tax-deductible if employees are being improperly excluded from those plans (known as discrimination, in the ERISA universe). [/quote]

zero benefits.  just a paycheck, written out of his checking account.[/quote]

If you like getting paid and want to keep working for/with this person, just stay out of it - it is his/her problem. Highly doubt there would be any consequences to you if you are paying self-employment, federal, and state taxes on your income.

For the 401k - get an FEIN from the IRS using your name, have your 1099 show this FEIN instead of your SS. Use the FEIN to open a individual 401k (fidelity has one with no fees, very easy to set up). You can put 17,500 in it, plus up to 20% of your business net profit - so if you made 30k and had no expenses you could put 23,500 in for the year. It would not work for 2013, as I believe the account had to be opened by 12/31.

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