What is the advantage of a Solo 401(k) versus a Profit Sharing Plan? Can I contribute the same amount to either plan?
The advantages of the Solo 401(k) over a Profit Sharing Plan are: • The capability to make an additional salary deferral contribution of up to $16,500 for 2009. • The Sterling Trust Solo 401(k) offers a loan provision. • Daily trading capability through Sterling Trust’s web site or voice response unit.
