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Retirement tax questions
I was just given different advice from a turbo tax CPA. I was told that that for 2019, since I'm under 50, my maximum elected deferral/employee contribution to a 401k is 19,000 per employer, not per individual. So if I've contributed 19,000 under a job with w-2 income, I can still contribute 19,000 under a solo 401k with self employed income. Is that true? I think what you are saying is that I've maxed out my elective deferral but I can contribute to a solo 401k as my own employer and the limits of that contribution are based on my self employed income. Is that correct?
March 31, 2020
3:28 PM