Hello Everyone,
I have a question regarding 401ks.
For the first half of this year, I was in a private practice and was set up as an S-corp. Because of this, I set up a solo 401k and contributed the max (53k). As of July of this year, I changed jobs and now, no longer have an S corp and am paid as a W2 employee. After 6 months of working, I become eligible for my new group’s 401k, which in this case would be January 2017.
My question is: can I still contribute the 18k to my new group’s 401k, despite already contributing 53k to my solo 401k? If so, what is the deadline to do this for tax year 2016.
Thanks for your help.
I have a question regarding 401ks.
For the first half of this year, I was in a private practice and was set up as an S-corp. Because of this, I set up a solo 401k and contributed the max (53k). As of July of this year, I changed jobs and now, no longer have an S corp and am paid as a W2 employee. After 6 months of working, I become eligible for my new group’s 401k, which in this case would be January 2017.
My question is: can I still contribute the 18k to my new group’s 401k, despite already contributing 53k to my solo 401k? If so, what is the deadline to do this for tax year 2016.
Thanks for your help.
Comment