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Retirement tax questions
Thank you for the detailed reply. Just so I'm sure I'm understanding this correctly...
Is the answer different when I was a W-2 employee and not a partner since the W-2 income is not self-employment income? I think what I'm asking is: are the total contributions also limited by person? I understand that the elective deferrals are limited by person but as an employee who did not contribute under my employer's plan am I free to contribute to my solo 401(k) even though my employer contributed the maximum total contribution allowed under the employer's plan.
March 6, 2023
4:23 PM