I need help understanding whether I can open a solo 401k given the following:
partner in small LLC (4 person)
paid via K1 with income specified as self-employment
no w2 employees in LLC, everyone is paid the same
primary partner is not interested in additional burden/paperwork to open 401k by LLC
multiple goals: retirement savings, rollover my rollover ira, backdoor roth if/when possible
I am seeing people contributing from business account, which I do not have. There are also two types of contributions employee/employer. Am I still both if I have my own solo-401k?
If I can open one, would contribution from personal account be ok? Just report it during tax time to get a break?