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I'm a day trader. I filed my taxes properly using Form 4797, made make-to-market adjustments. From 2006 to 2009, I've reported only losses but, in 2010 I had a profit. And 2011 seems to be better. I do not have earned income and hence I am unable to deposit it in an IRA. I know a solo 401K allows small business owners only to deposit up to $16,000 in retirement funds. As day trading is my primary business, can I open a solo 401k retirement account?


Expert Mark Anderson's Answer:

You would need to have earned income or self employment income to fund the solo 401k retirement account. 

Mark Anderson, JD


21 yrs experience

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