Sole Proprietor Single K & Roth IRA Contributions
Can combined Single K Plan contribution (employee salary deferral and employer contribution) and Roth IRA contribution be greater then sole proprietor’s net business income, line 12 on 1040? Self employed qualified plan contribution amount listed on page one of 1040.
Permalink Submitted by Denise Appleby on Wed, 2009-04-01 23:39
See the worksheet on page 24 http://www.irs.gov/pub/irs-pdf/p560.pdf . This shows how to figure the maximum contribution amount