I want to maximize my Solo 401k amount this year is primary goal.
Will I be eligible for Solo401k?
Also, you mentioned that once you hire a full-time employee, you will no longer be eligible to maintain a Solo 401k. Is this an option for future?
ANSWER: Solo 401k is for maximum of two individuals. Employees who work less than 1,000 hours per year can be excluded from participating in the Solo 401k plan; however, if part-time employee works more than 1,000 in a later year, you will no longer qualify for a Solo 401k; therefore, the Solo 401k plan will need to be converted to a traditional 401k--a plan for business with common-law employees.