mrbanana wrote:I run a small business and am currently the only employee. I maxed out a SEP IRA just a couple weeks ago at $51k, however now I'm having second thoughts and think I should have done an Individual 401k for the year. The contribution limits would be the same for me, but I'm thinking of adding my wife as an employee so she can participate in retirement savings through the business.
So my questions are, can I somehow transfer the SEP IRA contributions to an Individual 401k? If not, is it possible for my wife to have her own SEP IRA contribution to from the business?
mah001 wrote:It typically takes only $134,000 of salary to make $51,000 of contributions possible. That's $17,500 in deferrals plus 25 percent of $134,000 as profit sharing.
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