W2 income in 2013 (but lost job) - would like to create savings plan to defer part of W2 income

Jan 24, 2013 1 Replies

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Peter 13 years ago

I lost my job but will be getting past deferred compensation from prior years in

2013 - around $50k - and I will be getting W-2 statement next year.

Is there a way to create savings plan (solo 401k / SIMPLE / other) which could reduce my W-2 taxable income mentioned above ?

Any thoughts would be appreciated

Peter

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remove ps 13 years ago

If it's on a W-2 you cannot do a SIMPLE. Can you ask them if they can deposit up to 17.5k into your traditional 401k? If you are 50 or older make that 22.5k. I have no idea if they will do this if you are not working there, but never hurts to ask.

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