K-1 income and Schedule C income retirement contributions? | 401k Questions

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Asked 4/8/2009

K-1 income and Schedule C income retirement contributions?

I have K-1 income of 500,000 from llc. I also have Schedule c income of $500,000 from sole prop. Can I contribute to my retirement plan $46,000 from schedule c and $46,000 from K-1 income, or am I limited to $46,000 total? There are no employees.

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Answer 1/1 - Submitted 6/20/2011

The limit is ultimately a per-person one. You can contribute up to $49,000 (for 2011) or 25% of your income, whichever is less, as a self-employed person, to your retirement plan.

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