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Updated almost 2 years ago on . Most recent reply

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Rashid Khalil
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retirement contribution by LLC

Rashid Khalil
Posted

I made 403 b pre-tax contribution (20500) with the W2 job. The employer also contributed and then I contribute with after-tax money to hit max allowed total of 61000 in total. 

Totally separate form that w2, I also have Self-employment with my LLC (filing as a sole proprietorship) that has NOI of 70000. I understand I cannot contribute from the employee side, but can I still contribute from the employer side for this income, if yes how much? will appreciate your help, I did some google research but got even more confused.

Most Popular Reply

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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied

The calculation can be complicated because it depends on how much SE taxes you will pay. That depends on how much you make at your W2 Job. Your tax advisor will have to give you that amount.  It will be around: 13k of employer contribution. You also need to decide which plan (SEP if 2022). 

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