AJC Posted February 16, 2023 Posted February 16, 2023 A client over age 50 is self-employed. He has net Sch C income of $20,000 for 2022. No other earnings. No partners. No employees. He wants to contribute $18,587 of either pre-tax deferrals or Roth into his 401(k) plan "and" $6,500 into his Roth IRA. I think it is okay. Any issues with this?
Lou S. Posted February 16, 2023 Posted February 16, 2023 Assuming he had an election for 2022 to do that in the 401(k) plan, no I don't see an issue with what you are describing assuming that's the whole tax picture for the individual.
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