This year, I have accepted a position with another law firm and again anticipate maxing out my 401(k). However, although I closed my law office today, I anticipate collecting approximately $10,000 this year for work that I performed in 2001. So may I open a SIMPLE for either 2001 or 2002? If I do, will that increase the amount of money that I can save tax-deferred? The 401(k) limit is also the overall limit on deferrals. SIMPLE contributions are likewise deferrals. Thus, no SIMPLE for you for 2001 or 2002. You could, however, do SEP contributions based on your self-employment for those years, in addition to your traditional or Roth IRA contributions. See Pub 560.Phil Marti
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