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Medicolegal consulting

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  • jfoxcpacfp
    replied
    Yes, you can do it. If you are already maxing out your $19,500 deferral at your day job, then you can contribute only 20% of (net profits - 1/2 related FICA tax). Basically a DIY job (@spiritrider might disagree) but still prob not worth doing so unless you want to use it as a tool for future orphan retirement plan r/o’s.

    IF you are not maxing out your $19,500 deferral, you can contribute dollar for dollar of above formula up to the $19,500, then the 20% kicks in. Posting this for other readers, since prob irrelevant to you

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  • wa2106
    replied
    yes, but my understanding is only 20% of profit. So not sure if it's worth it or not

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  • lucas
    replied
    Thanks for the link, but i'm not questioning the pros and cons of doing it. I already have a small opportunity that i'm taking. My question is whether or not I might be able to route the $ into a 401k.

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  • Tim
    replied
    https://forum.whitecoatinvestor.com/...ness#post61126

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  • lucas
    started a topic Medicolegal consulting

    Medicolegal consulting

    I'm going to engage in a little small time medicolegal consulting and would like to route the money into a 401k as a sole proprietorship. I only expect to make a couple grand or so annually, so not even sure if this is something that would qualify for such a thing or be worth it if I have to pay significantly up front to start this new "business". Has anyone ever done this and if so do you have any helpful advice? Thanks.
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