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You can take a Solo 401k tax deduction if you qualify based on the information below. Once you are signed into your tax return, type sep accounts into the search bar. Hit the enter key and then use the Jump to sep accounts link in the search results. Answer Yes, and proceed through the interview questions.
The business owner wears two hats in a 401(k) plan: employee and employer. Contributions can be made to the plan in both capacities. The owner can contribute both:
If you’ve exceeded the limit for elective deferrals in your 401(k) plan, find out how to correct this mistake.
Total contributions to a participant’s account, not counting catch-up contributions for those age 50 and over, cannot exceed $56,000 (for 2019; $55,000 for 2018).
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