I will start by acknowledging that I need to educate myself a lot more about finances/investing and that I haven't been doing very well in terms of investing my money effectively. On the other hand we've been living well below our means and saving quite a bit. This year I have earned quite a bit as an independent contractor (about $100 k so far, expect to total around $130 k by the end of 2014), this is in addition to my W2 salary. I haven't made any estimated tax payments this year on the 1099 earnings as the income has been fluctuating throughout the year. My question is; is there a way to put this money ($100-130k) in a retirement account pre-tax and save what would be a significant tax bill this year. I have an old 401k from a previous employer, no other retirement accounts yet. is is possible to set something up as an independent contractor for retirement purposes, like an IRA that would allow me to put this money (or at least a significant portion of it) pretax and to grow tax-deferred?
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