So I just set up my Fidelity self-employed 401k and I'm in the process of rolling my SEP IRA into this account to free up room for future backdoor ROTH contributions.
Looking at the 401k my question is now..If my pretax income is approximately $400k a year. Is there any reason to delineate any of my contributions as employee contributions or can I make them all as the employer to simplify the accounting? I'll be able to max the $53k limit without getting anywhere close to the max % contribution from the business.
Definitely this year I'm making sure to keep track of my prior SEP IRA contributions so that I don't go over the combined limit.
Looking at the 401k my question is now..If my pretax income is approximately $400k a year. Is there any reason to delineate any of my contributions as employee contributions or can I make them all as the employer to simplify the accounting? I'll be able to max the $53k limit without getting anywhere close to the max % contribution from the business.
Definitely this year I'm making sure to keep track of my prior SEP IRA contributions so that I don't go over the combined limit.
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