Hi,
I run a single member LLC, my Business made a $19,500 contribution to my solo 401k. I still owe about $13,000 in taxes, is there a way to some how get this into a retirement account?
I have read this link(https://ttlc.intuit.com/community/self-employed/help/what-is-a-solo-401-k/00/2483402 )
And I don't quite understand this section:
"In addition to these employee contributions, you can make nonelective company contributions of up to 25% of compensation as defined by your plan. This compensation doesn’t include retirement plan contributions or the self-employment tax, which are deducted from your income. TurboTax will make these calculations for you (or tell you if you contributed too much to your Solo 401(k))."
So can I add another 25%, I'd much rather spend as much money on myself as I can then give it to the gov.
I read online, that the max employer contribution is $58,000. So could I add another $13,000 to that and not pay that in taxes or pay much less? It says the deadline for this is April 17th.
If you have any other suggestions please let me know. One of the main reasons I went with the full $19,500 is because I thought it was going to deduct my tax bill more then it did.
Any clarification/direction would be extremally helpful, thank you for your time.
