summer2007
Recycles dryer sheets
- Joined
- Jul 14, 2007
- Messages
- 346
I run two small businesses and for this year I have so much in depreciation that my income is small. I might end up showing a much bigger profit than this but it's my best guess at this point.
My income should look something like this.
Business #1 $1,500 taxable income
Business #2 $2,000 taxable income
and maybe $500 in interest for a taxable income total of around $4000
If my final numbers are the same as above I can contribute a maximum of...
$4000 to a roth IRA
$1,500 to a solo roth 401k for my first business
$2,500 to a solo roth 401k for my second business
Does this sound correct or am I messing it up?
Thanks
Jim
My income should look something like this.
Business #1 $1,500 taxable income
Business #2 $2,000 taxable income
and maybe $500 in interest for a taxable income total of around $4000
If my final numbers are the same as above I can contribute a maximum of...
$4000 to a roth IRA
$1,500 to a solo roth 401k for my first business
$2,500 to a solo roth 401k for my second business
Does this sound correct or am I messing it up?
Thanks
Jim