Help with retirement plan/ best choice for situation.

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Smokey21
Posts: 137
Joined: Fri Oct 31, 2014 7:07 am

Help with retirement plan/ best choice for situation.

Post by Smokey21 »

I max out every plan available to me. As I understand it, I have maxed out the amount I can contribute personally.

I have moonlighting income currently in the $20,000 range. I may have an opportunity to raise that moonlighting income to $75k.

Can I receive extra employer contributions in this scenario?

Do I need a certain business structure such as Llc or a corporation?

What plan would max my tax deferred contributions for the different levels (say $20k vs $75k) of moonlighting income?

I'd like a plan that would keep my ability to do back door Roth contributions without tax consequences if possible.
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Duckie
Posts: 9777
Joined: Thu Mar 08, 2007 1:55 pm

Re: Help with retirement plan/ best choice for situation.

Post by Duckie »

Smokey21 wrote:I max out every plan available to me. As I understand it, I have maxed out the amount I can contribute personally.
What plans do you currently have that are maxed out?
I have moonlighting income currently in the $20,000 range. I may have an opportunity to raise that moonlighting income to $75k.

Can I receive extra employer contributions in this scenario?
Possibly. It depends on what you already have.
Do I need a certain business structure such as Llc or a corporation?
You don't need one for deferring income. You may want one for other reasons.
What plan would max my tax deferred contributions for the different levels (say $20k vs $75k) of moonlighting income?
You have different options depending on how much you earn and whether or not you have employees. See here and here.
I'd like a plan that would keep my ability to do back door Roth contributions without tax consequences if possible.
That would mean a 401k or solo 401k. Something without the "IRA" in the title.
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