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Retirement tax questions
It depends. According to irs.gov, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $61,000 for 2022 ($58,000 for 2021; $57,000 for 2020). You can calculate your plan contributions using the tables and worksheets in Publication 560.
So if the $58,000 is within the 25% contribution limit for your self-employed earnings, then you are able to take that full deduction.
Also, according to this IRS link, The amount of salary deferrals you can contribute to retirement plans is your individual limit each calendar year no matter how many plans you're in.
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‎January 13, 2022
1:11 PM