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I sort of understand that each of us can contribute $17,500 this year PLUS $5500 catch up, if we are over 50

Yep. Same rules as any other 401k plan.

Including the rules that allow the business to contribute up to 25% of profits as an employer contribution, up to a total contribution of $51,000. The catch up contribution is in addition to this amount. So, if the business is profitable enough, the total contribution per 50+ year old employee can be up to $56,500.

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