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I own a business as a proprietor and have had a SEP for several years. Recently I opened a Solo 401k as well. It is only me in the business. Is it ok for me to contribute to both during the year? How do I calculate the contribution limits for one or both of them?
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You could reduce your contribution by spending a part of your profit on non taxable investments like health insurance.
I found a great resource for all things personal tax and finance related. It also provides you with important stock trading tips as well as pieces of advice from experts in the field of money management. In this case I believe if both are exclusive entities you should be ok. As far as calculating the contribution limits, don't waste your time with a finance representative, there are enough places on the internet to find help. Good luck!
You could contribute for both your SEP and solo
401k plan . It depends on the amount you earn each month. It is good to consult a investment company to calculate the contribution limits for both of them.
Here is a great calculator on the site to help you determine maximum contribution limits to 401k, SEP and SIMPLE IRAs.
click here