If I am not mistaken, my income for the year would be $250K plus $27K = $277K and spouse income would be $20K plus $243K = $263K. We can then each do about ~20% profit sharing from the above.
I was just trying to point out that you can contribute only 20% of the first $270k of profits (270 * .2 = 54). In this example, you are above the $270k limit and your spouse is below. If the partnership agreement is written such that it allocates the extra $7k to your spouse, you would each optimize 401k contributions.
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