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Greetings, Marlenus, and welcome. You wrote:

<<I have a 401K from my previous employer that will allow me to keep my money there as well as continue to make contributions (or so I believe).

My new job pays via 1099, thus no taxes taken out. If I contribute some of that money, come tax time, is there anything special that I need to do when reporting gross income?>>

Sorry, but you will not be able to contribute to your old 401k plan. While your money may stay there, you no longer work for that employer, and the plan is for the benefit of that employer's workforce. That workforce does not include former employees for the purposes of contributions.

You say you are now a 1099 employee, or self-employed. That makes you eligible for a SEP, SIMPLE or Keogh plan based on your net self-employed income. For a brief description of those plans, see my Foolish Retirement Plan Primer at You should also read IRS Publication 560 (Retirement Plans for Small Business) available at

If the self-employed plans don't appeal to you, then you may always use a deductible traditional IRA and regular taxable accounts for your savings.

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