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Thumb of Michigan | I don't see where you couldn't.
I have a schedule C business (with a solo 401(k)), a schedule F and two LLCs (one has a simple IRA plan). I can't contribute to more than one retirement plan. So, with the 401(k) limit of $23K (catchup $7,500), simple IRA limit of $16K (catchup of $7,500) or regular IRA limit of $7K (catchup of $1,000) for 2024. I'm using the solo 401(k), which mine has a Roth provision.
Actual limit for 401(k) is $69K, but I can't explain how you get to that number (something about 100% of compensation, but only 25% if using a SEP).
I just know I can't participate in more than one retirement plan (according to my CPA). I'd suggest you talk to your CPA for some guidance. | |
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Tax question
