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Posted

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?

Posted

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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