401k and SEP
The 70-year-old client wants to retire in January 2025. He wants to max out his 401k plan that month and then separate from the company.
He will then be a contractor,1099. to the same company. Income will be paid to his LLC.
Can he also contribute to a SEP that his LLC sets up?
Or is there a cap since he maxed out his 401k
TIA
Permalink Submitted by Geoffrey Kasher on Wed, 2024-11-20 16:38
he has no owner ship in the current employer. so he can max out both.. just want to be clear
Permalink Submitted by Geoffrey Kasher on Thu, 2024-11-21 09:00
company could max out for spouse if she were an ee of the LLC as well. correct?
Permalink Submitted by Geoffrey Kasher on Thu, 2024-11-21 09:02
if wife is ee of the LLC, the corp can contribute the max as well for her. correct?
Permalink Submitted by Geoffrey Kasher on Thu, 2024-11-21 09:03
If wife is ee of the LLC, the corp could max out for her as well, correct?