I am not contributing to any other retirement plan. And the $23,000 gross ($15,000) net is my only income.
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No, you can't. In fact, the total of one-half your self-employment tax, your deduction for self-employed health insurance, and your solo 401k contribution can't exceed $15,000.
No, you can't. In fact, the total of one-half your self-employment tax, your deduction for self-employed health insurance, and your solo 401k contribution can't exceed $15,000.
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