I am trying to figure out a way to max out my retirement plans in my situation but am being limited by being the younger partner in age-weighted defined contribution plan. Since I am the younger partner, my ability to get to the 54,000 is being limited by having an older partner and older employees than me. I do have 1099 income, by working in pediatric dental practice, that I put back into the practice and then draw a salary from.
I know I am not eligible for multiple 401K plans since I own my practice(thanks to for the info here: https://www.whitecoatinvestor.com/multiple-401k-rules/) but want to figure out a way to at least to get to the max 54,000 year for myself between my practice and 1099 income. Is there a way for me to use my 1099 income to supplement by age-weighted pension plan contribution and get me to the 54,000.
Thanks
I know I am not eligible for multiple 401K plans since I own my practice(thanks to for the info here: https://www.whitecoatinvestor.com/multiple-401k-rules/) but want to figure out a way to at least to get to the max 54,000 year for myself between my practice and 1099 income. Is there a way for me to use my 1099 income to supplement by age-weighted pension plan contribution and get me to the 54,000.
Thanks
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