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You wrote, "so your AGI has to be low enough to qualify for a deductible IRA contribution", what about if it is low enough to qualify for a ROTH IRA?

The net profit is unlikely going to be anything over the maximum employee contribution allowed for 2019.

Then do that instead. You just need to make sure you have enough in AGI to cover the Roth IRA contribution.

If you have very little income and then you contribute it all pre-tax to a solo-401(k), you wouldn't be able to make a Roth IRA contribution. But if you contribute to a Roth solo-401(k) I believe you can effectively double-dip because the Roth solo-401(k) contribution doesn't reduce your AGI ... which should let you still make a Roth IRA contribution.

- Joel
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