I keep hearing about maximum allocation of $54K into 401K. However, my 401K plan is telling me maximum of $26K as of last year. I used to have a 403b and maxed that out (2007) at $44K. I have money I want to invest into these accounts but can't seem to find someone on other end of phone that understands how to help.
Additionally, this is funded through my own business and I also have a fee-for-service business that is separate. I wanted to set up a second 401K to maximally fund as well but was told that I couldn't - presumably because I am single provider of my practice and the two are lumped as sole proprietorship. Should/could I change my PLLC to a partnership with my wife and receive that salary as an Scorp? Then be able to fund both - -$104K???
It wasn't as much of a concern when bootstrapping my practice a few years ago but now I am making good money and I have money I want to save as smart as possible.
Additionally, this is funded through my own business and I also have a fee-for-service business that is separate. I wanted to set up a second 401K to maximally fund as well but was told that I couldn't - presumably because I am single provider of my practice and the two are lumped as sole proprietorship. Should/could I change my PLLC to a partnership with my wife and receive that salary as an Scorp? Then be able to fund both - -$104K???
It wasn't as much of a concern when bootstrapping my practice a few years ago but now I am making good money and I have money I want to save as smart as possible.
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