If your spouse is making money, there may actually still be some limits on that. Your traditional i r a contributions are deductable no matter what your income is. So keep that in mind as you're preparing your taxes. A question around additional taxes as a pass through entity.
In this episode we answer your questions about self-employed retirement plans. If you are self-employed, open a solo/individual 401(k). If you make a lot of money, you might consider a personal defined benefit plan. Do a backdoor Roth IRA and a health savings account. Those are your retirement plans for a self-employed doc. That's the basic setup. Anything you want to save above and beyond that goes in a taxable account. So it is not that complicated. When you get into all the details though, there can be a lot more questions. We tackle those questions in this episode. See show notes here https://www.whitecoatinvestor.com/self-employed-retirement-accounts-qa-260/
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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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