- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
The IRS limits contributions to plan specifications or 100% of the employee's compensation, whichever is less.
Reference: Retirement contributions limit
Your income changes when you deduct the amounts into the plan. If you have $30k income and then pay $30k into plan, it is subtracted from your income, then you have no income. You have to find the sweet spot for you to have income and deduct the business contributions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 7, 2025
1:18 PM