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Business & farm
for an individual 401(k) you are right on the amounts for the elective deferral and the catch-up. however, for employer matching, that's limited to 20% of your net Schedule C income reduced by 1/2 your self-employment tax. using your number for net income I come up with about $58K. you should review the Keogh/Sep worksheet to see how the amount was determined.
‎September 2, 2021
6:00 PM