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Get your taxes done using TurboTax
The $58,000 limit refers to the maximum employee and employer contribution. As an employee you are limited to $19,500. See Example 1 in Retirement Topics - 401(k) and Profit-Sharing Plan Contribution Limits
The remainder is a non-elective contributions made by the employer or commonly to a profit-sharing plan by an individual with a Solo 401(k) plan. See Ben example in One-Participant 401(k) Plans
‎September 28, 2021
8:29 PM
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