I am currently working as a W2 contractor, with no access to a 401(k) plan through the contracting agency. However, I do own an LLC, with, unfortunately, negligible revenue earnings. Here are my questions:
- Could I use the LLC to set up and contribute to a retirement plan?
- Is there any restriction on using only the (negligible) income earned by the LLC towards the retirement plan contribution, or can I use my W2 contractor income to contribute into that account as well? Especially since the taxes for the LLC are filed along with my personal taxes.
- Finally, if possible, would such a situation warrant a specific retirement plan, or would a basic SEP-IRA or 401(K) with my financial institution suffice?