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Retirement tax questions
Total 401(k) contributions are never permitted to exceed net earnings as defined for this purpose. Net earnings are defined as net profit (Schedule C line 31) minus the deductible 50% of self-employment taxes.
If your net profit of the two businesses combined is zero or less, you have no net earnings to contribute to a 401(k).
‎April 10, 2024
6:04 PM