Both are retirement plans for the self-employed and small business owners, but they differ in contribution structure. A solo 401(k) lets you make both an employee deferral and an employer contribution (25% of net self-employment income), and it offers a Roth option and mega-backdoor Roth potential. A SEP-IRA is simpler — employer contributions only, up to 25% of net self-employment income (or $72,000 in 2026) — but lacks the employee deferral and Roth features. For high earners, the solo 401(k) usually allows larger total contributions.
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