Hi,
Been reading through the various forums as this is not a new topic, but really just looking to bounce my thoughts of folks to ensure I am in the right ballpark.
In 2020 I left my employer (W2) and had contributed just $11k to their 401k. As their 401k does not allow additions after leaving, if I roll this into a Rollover IRA, I presume that I cannot top up into the IRA an additional $8k pre-tax to reach the $19k contribution limit - rather, I am subject then to IRA limits ($6k) and subject to the AGI limits for deduction?
I then set up a SEP IRA as a single member LLC, and can contribute 20% of net earnings (single member LLC), as long as this is done before April 15th 2021 (ignore any filing extensions).
In hindsight, I probably should have set up a Solo 401k to better maximise retirement deductions (20% of net profits as employer, plus contributions as an employee), but the time limit has passed for that...and as such looks like I miss out on $8k of pre-tax deductions.
Does that sound about right?
Is there anything else I am missing re self-employed retirement contributions wherein I can further maximise pre-tax contributions?
TIA,
SM
