My father has as a private practice (made change from sole prop to S corp this year). His wages will be 212k and he would like to contribute 53k to SEP-IRA.
Additionally, he gets 1099 income from consulting (~220k). Can he open an individual 401k through this sole prop identity and contribute 18k (individual) + 35k (employer) + 6k (catchup contributions) = 59k?
Thanks in advance!
Additionally, he gets 1099 income from consulting (~220k). Can he open an individual 401k through this sole prop identity and contribute 18k (individual) + 35k (employer) + 6k (catchup contributions) = 59k?
Thanks in advance!
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