Hey,
In 2020 I started a business and made 50k after expenses. I decided to roll over my old employee 401k into a roll over IRA, I would like to file the max contribution which would be $6,000 for me since im under 50. But will this be a deduction/write off? I was told that my roll over was a traditional IRA.
I wanted to open a solo 401k but since it is past the 1st of the year I cannot for 2020, my only other option would then be a SEP if I cannot deduct my IRA. My only issue with that is Ive read it might be hard to convert a SEP IRA into a solo 401k. I have no plans to hire an employee and would rather farm any work out if needed and use it as a write off if I need help.
Any suggestions would be greatly appreciated
Thank you,
