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Business & farm
Calculating the amount of your allowable deduction is done like your example providing your plan has a 25% rate (see the link below). Total plan contributions, excluding catch-up contributions ($6,500) for those age 50 and over, can't exceed $58,000 for 2021 ($61,000 for 2022).
The deadline for employee contributions to a Solo 401(k) is December 31 of the tax year, which means you can no longer make employee contributions for 2021. The deadline for company contributions is generally the tax filing deadline, which is April 17, 2022.
- One Participant (Solo) 401(k) Plans (nice example of calculation)
- What is a Solo 401(k)?
- ow do I enter a Solo 401(k) in TurboTax?
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March 8, 2022
7:49 AM