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.
Help with retirement plan/ best choice for situation.
Re: Help with retirement plan/ best choice for situation.
What plans do you currently have that are maxed out?Smokey21 wrote:I max out every plan available to me. As I understand it, I have maxed out the amount I can contribute personally.
Possibly. It depends on what you already have.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?
You don't need one for deferring income. You may want one for other reasons.Do I need a certain business structure such as Llc or a corporation?
You have different options depending on how much you earn and whether or not you have employees. See here and here.What plan would max my tax deferred contributions for the different levels (say $20k vs $75k) of moonlighting income?
That would mean a 401k or solo 401k. Something without the "IRA" in the title.I'd like a plan that would keep my ability to do back door Roth contributions without tax consequences if possible.