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Yes, but it's the profit in the business that counts, not the gross income before expenses. Having W-2 wages doesn't matter unless the box for covered by a retirement plan is checked. That checkmark limits you whether you actually participated in the plan or not.
Yes, but it's the profit in the business that counts, not the gross income before expenses. Having W-2 wages doesn't matter unless the box for covered by a retirement plan is checked. That checkmark limits you whether you actually participated in the plan or not.
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