@dmertz @Critter-3
I have a separate but related question (please assume that we are still in 2020 when you’re answering this, my custodian, E*TRADE, allows for me to backdate contributions to dec 31st if you’re only a few minutes past the deadline)
I have both:
1. Solo Roth 401k
2. Solo 401k
I have self employment income of 100k for the 2020 tax year (and total income: self employment + w2 + capital gains of 250k for 2020)
Q1. Can I contribute 57k into the individual Roth 401k for 2020 tax year (for both employee and employee portion)? What would my contribution limits for the individual Roth 401k plan be?
Q2. If I don’t contribute to the individual Roth 401k:
Can I contribute 57k into the individual 401k for 2020 tax year (for both employee and employee portion)? What would my contribution limits for the individual 401k plan be?
Q3. Any thoughts on mixing and matching between the 2 accounts? What would you recommend?
many thanks..
