Blue_Sky

Well, there can be W-2 contractors with no benefit at all in a company. There can be 1099 contractors as well in the same company. I worked many times as a W-2 contractors with no benefits. Thoughts ?

Okay, I understood. How about this ? If I have W-2 and 1099 hourly contractors/employees and my wife works there as a 1099 contractor, can she contribute in sep ira ?

So, which retirement option and business type will cover only the employers ?

I will certainly have to consider the liability part as there will be business loan.

I am sure there will be employees. So, what is the solution ? Can we not contribute to SEP IRA ? I guess, we cannot. Me and/or my wife will be the only owner/s. I think solo 401 k is not appropriate, right ? I am so confused....

This is completely a different question. Please feel free to read. This is about right business type for maximizing retirement contribution and a HSA/HRA question.

I apologize if this is not relevant to this group. I am a software consultant. I work through my LLC. My LLC has a Solo 401K plan in which I contribute $19500 + 25% profit as per the law. Unfortunately, my wife legally cannot contribute to this plan because she doesn't work for this company. But we want to maximize her retirement contribution. So, we are considering to buy a business (thinking to buy a Laundromat at this moment) for her so that she can contribute to the retirement plan. Considering this situation, which type of company should we open to run the business - S-Corp, C-Corp, LLC or partnership ? I understand I need to talk with a CPA, but I want to enhance my knowledge even before talking with a professional. One more thing: We have significant medical expenses. We bought health insurance from the marketplace. We have a HSA account where we contribute the maximum. But that is not enough to cover our medical expenses. I have read about HRA. I also learned that in some cases HSA and HRA are compatible. Which business type will be good to open a HRA ? Is there any example for this ? Please advise considering both the situations.

I have collected the forms from TD Ameritrade local office and filled it out by myself. I collected two froms. One for Roth and another one for traditional.

Two plans mean two accounts actually.

I don't know how to do this or is it possible at all to do this. Do you recommend any company ?

I am a software consultant. I work through my LLC. My LLC has a 2 Solo 401K plans. One Roth and another one traditional. I contribute $19500 to the Roth account and 25% profit to the traditional account. My wife is a housewife and doesn't work. Can she also contribute to any Solo 401K (I will give her money to contribute) ? Do we have any options ? Please advise.