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A 401(k) account is a tax-deferred retirement savings account setup by many employers for their employees in the United States. Employees can elect to contribute part of their earnings - either pre-tax or after-tax - to their 401k account and the employer will often make a matching contribution for a portion of it. The before-tax and/or after-tax contributions are subject to yearly limits set by the IRS. Related to the 403b and Thrift Savings Plan (TSP)

3 votes
1 answer
328 views

Self Employed 401k: contributions vs more available deductions

My full time job does not offer a 401k, but I can open a self-employed 401k on my own that means. The limit is bound by my net profit for the 1099 portion, plus a small profit sharing amount. … If I have 15k possible 401k money, and 3k deductions, I am now only allowed to contribute 12k to 401k if I take the deductions in full. …
Miro's user avatar
  • 381
1 vote
2 answers
416 views

Self-employed individual 401k self, match, and profit sharing contribution limits?

I set up a self-employed individual 401k and am confused about the limits on this. I'm a sole proprietor with no other employer-provided 401k than this one I set up on my own. … It seems I can make contributions as employee-elective, employer match, or profit sharing; yet they all end up in the same 401k from my money since I'm both the employer and employee in this situation. …
Miro's user avatar
  • 381
0 votes
0 answers
489 views

Self employed 401k and traditional IRA

I've got a self-employed 401k that I use for a small side business, which supplements a full time income I also receive. … The 401k contribution allowance is usually small because my business income is not extensive. My main full time job does NOT provide any 401k. …
Miro's user avatar
  • 381
5 votes

Rollover IRA vs traditional IRA (can I make contributions to the rollover IRA?)

It is possible that some rollover IRAs (from a 401k for instance), can in future be rolled into a new employer's like-kind retirement plan. …
Miro's user avatar
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