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Retirement tax questions
You mentioned having made deductible contributions to the solo 401(k). If you have entered those deductible contributions and then enter a Roth 401(k) contribution that results in an excess contribution, the deduction for the deductible contributions will be reduced, increasing your tax liability.
Examine the Keogh, SEP and SIMPLE Contribution Worksheet to see the calculations.
March 10, 2024
8:07 AM