I have a full time job (with Simple-IRA) and a part-time consulting business (sole prop with no employees). I maxed out Simple-IRA. I opened a solo 401k last year and contributed to it. I want to know how to handle my contribution and profit -sharing contribution. It seems that both these amounts would go on line 28 of 1040 rather than the profit-share going on Sch C. In such a case, how does the IRS calculate whether or not I have exceeded $14K contribution in defined plans since this 14K does not include profit-share. i.e 1040 form would show that I put in $10K in Simple-IRA, put in 4K for solo 401K and put in another 10K as profit-share. Thanks
- posted
17 years ago