Just to clarify on the Single K contribution limits.In general it is 40k 42k if over 50, but here is the breakdown:12k "Employee" salary Deferral25% of pay as an "employer" contributionboth amounts cannot exceed 40k.However since you are schedule C it gets a little weird.It is 25% of reported net minus 1/2 the self employment tax. this usually works out to around 20%.If you are a Sub S corp or a C corp, then you can do the full 25%.The $40k limit still applies.The 2k Catch up is only if you are turning 50 this calendar year or are already over 50.Bill
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