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My wife is very part time at some consulting. She is an RD, does some counseling for picking eating and is doing some diet modification. I think she made $2000 this past year. Probably makes some more in the next years, but who knows.
I was looking into doing a solo 401k. I can do 100% of her income with a 25% matching.
Does this mean I can put 125% of her profit into an account? Would that cause double tax on the money? It seems like the unless she makes more than the maximum contribution, I don‘t think it makes sense to match her.
Sorry, I didn’t see this elsewhere.
Thanks
I was looking into doing a solo 401k. I can do 100% of her income with a 25% matching.
Does this mean I can put 125% of her profit into an account? Would that cause double tax on the money? It seems like the unless she makes more than the maximum contribution, I don‘t think it makes sense to match her.
Sorry, I didn’t see this elsewhere.
Thanks