1396252
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!
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You are not permitted to contribute to your self-employed 401(k) if you have no net profit.
You are not permitted to contribute to your self-employed 401(k) if you have no net profit.
That's kind of what I was thinking. Thanks for confirming and your time.
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