Startupmaster
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No employees except the owner.
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Client is self employed with $204,000 in self employment income. Client claims no need for a pension as a 401k profit sharing will allow $62,000 in contributions because he is over age 50. Client's advisor states the 25% of pay rule does not apply and the client also is allowed $6,000 as the phase -out due to income does not apply. Client files jointly. Is the client and advisor correct. The advisor states also 415 does not apply.. .Hence no need for a pension. No employees except the owner.