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I just wanted to confirm that we are allowed to in the same tax year contribute to both an IRA plus a solo401k. In the past I was able to do both when I had an employer sponsored regular 401k but this year I am on my own and wanted to know if I could make that employee contribution to the 401k if there is a net profit end of year.
Yes, but keep in mind that a solo 401(k)plan is an employer plan that covers you, so your AGI has to be low enough to qualify for a deductible IRA contribution.

Probably won't be able to also make an employer contribution as doesn't look like there is going to be that much profit.
In that case, hold off on doing contributions until you know what the profit looks like - and you have up until the extended due date of your tax return to make that contribution.

In the meantime, you should be working with a professional accountant to do some planning with this kind of a business retirement plan. There's enough twists to a solo 401(k) plan that it shouldn't be a do-it-yourself project.

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