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Level 2
April 2, 2020
Solved

SE401K/IRA limit for 2019

  • April 2, 2020
  • 1 reply
  • 0 views

I have a SE401K that I've contributed to for the last 3 years.  This year I had a net loss on Sched C and had to take a job with a normal employer.  I was not eligible for their 401K during the year and had nothing taken out of my pay for retirement (made 50K gross).  Can I contribute to my SE401K since I still had "income" (and contribute up to the 19K limit) or am I limited to 6K in a traditional IRA?  Trying to figure out in TT but it isn't letting me put the 19K in under SE401K (it lets me enter it, but it isn't giving me any deduction for tax purposes).  Thanks! 

Best answer by dmertz

You are not permitted to contribute to your self-employed 401(k) if you have no net profit.

1 reply

dmertzAnswer
Level 15
April 2, 2020

You are not permitted to contribute to your self-employed 401(k) if you have no net profit.

Rebel91Author
Level 2
April 2, 2020

That's kind of what I was thinking.  Thanks for confirming and your time.