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Are employer contributions to a solo 401k completely deductible? And for a sole proprietor are employee and employer contributions all deducted?
For example, if I am a sole prop with no employees and earn $100k this year, I can: Contribute $17k to solo 401k as an employee Contribute $20k to solo 401k as an employer (~20% of $100k) And then deduct $37k on my taxes on line 28 of the 1040?
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‎June 1, 2019
9:54 AM