@upti wrote:
I should have mentioned this earlier. I am in Sacramento county and the tax filing deadline has been extended to 15th Oct (or 17th). I believe there is still time to make the contribution. My options are Solo 401k or SEP. My question is, is there still time to open Solo 401k account if my wife doesnt have one? I think the deadline has passed but just want to make sure.
So TurboTax saying my wife can still make a deferred Self-Employed Retirement Deduction may not be true since the software may be incorrectly assuming she has the Solo 401k account? We may still be able to contribute to SEP?
There may be a difference between opening a new arrangement and making a retroactive contribution to an existing arrangement. @dmertz should be able to help with the details.
Even if she was under the limit for the 401k at her regular employer, she can't make retroactive contributions because 401k contributions can only be made by payroll deduction. But it may not be too late to open a solo 401k or SEP. I also don't know if one has more long term advantages than the other.
