pedstar09

2+ Year Member
Aug 8, 2015
89
27
Status
Medical Student
Hi all,
The wife just started full time practice as a general dentist working for another dentist. They do not offer any 401/403b. I guess her options would be to do just Roth/traditional IRA, then HSA and then spill over to 529? Any other options out there? The practice is not her own so solo 401k is not an option...
 
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Baron Samedi

7+ Year Member
May 30, 2010
679
412
Hell
Status
Attending Physician
Can she talk to the practice owner about starting a 401k? Even if there's no match, it's better than nothing and only benefits both the owner and their employees.
 

heybrother

7+ Year Member
Oct 17, 2011
799
640
Status
Podiatrist
-Plain old taxable brokerage
-Any business owner will know more about this than I will, but part of the purpose of the 401K match is to potentially safe harbor the plan from compliance testing. If a business has a 401k without a match it's potentially possible the IRS will reject some of the contributions ie. The doctors are making full contributions but the medical assistants are contributing nothing - this may not pass muster. This is why you often see the same variations of matching at all low to mid-level jobs (variations of 3-4% achieved through 3 pathways). These match structures are designed to meet safe harbor. That said, not having the plan does seem like a missed opportunity for variations of profit sharing and things like that.
 

TheHungarianCPAPFS

CPA, CFP, IAR,Life Agent here to advise
Jan 14, 2020
15
2
Los Angeles, CA
www.erkfc.com
Status
Non-Student
Cannot think of anything else other than those. If she can open her own corp, there would be more options. What about your side of the business. Have you thought about employing her just enough to max her 401(K)/PS and reducing your income from the business. If where you work would allow that.
 
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