Aiming_4_55
Thinks s/he gets paid by the post
Sorry if this was answered previously....
For 2015, currently a fulltime employee as a w-2 wage earner where I plan to contribute $18k for the year (contribution limit).
I have an opportunity for an assignment under my LLC. This could result in $30 - 60k for the year that can be added to retirement savings.
What is the best way to reduce taxes and/or defer into a IRA or 401k?
SEP-IRA? Vanguard Simple 401k? Small Plan 401k?
Can I contribute to an employer's 401k ($18k) and my own SEP-IRA (employer 25% of comp up to $53k and employee contribution $5.5k) during the same year?
So, on LLC income of $53k, I could make employer contribution of $13.25k and employee contribution of $5.5, for a total of $18.25k.
Is this allowed? Any other advice? Thanks for your feedback.
For 2015, currently a fulltime employee as a w-2 wage earner where I plan to contribute $18k for the year (contribution limit).
I have an opportunity for an assignment under my LLC. This could result in $30 - 60k for the year that can be added to retirement savings.
What is the best way to reduce taxes and/or defer into a IRA or 401k?
SEP-IRA? Vanguard Simple 401k? Small Plan 401k?
Can I contribute to an employer's 401k ($18k) and my own SEP-IRA (employer 25% of comp up to $53k and employee contribution $5.5k) during the same year?
So, on LLC income of $53k, I could make employer contribution of $13.25k and employee contribution of $5.5, for a total of $18.25k.
Is this allowed? Any other advice? Thanks for your feedback.