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G
Gemator
Level 3
May 17, 2020
Question

Retirement Plans - IRA and 401K

  • May 17, 2020
  • 3 replies
  • 21 views

Is it possible to set up another retirement plan like 401K if the business owner has an IRA in place for 2019 to increase tax deductions?

This topic has been closed for replies.

3 replies

IRonMaN
IRonMaN
Level 15
May 17, 2020

It's possible, but then he may lose the deductibility of the IRA.

Slava Ukraini!
    abctax55
    abctax55
    Level 15
    May 17, 2020

    I think it's a bit too late to set up a 401K for 2019...

    HumanKind... Be Both
      G
      GematorAuthor
      Level 3
      May 19, 2020

      Even if the tax filing deadline for 2019 has been extended to July 15 this year? 

      Thanks.

      qbteachmt
      qbteachmt
      Level 15
      May 17, 2020

      You asked Twice. Here's the original:

      https://proconnect.intuit.com/community/lacerte-discussions/discussion/retirement-plan-for-2019/01/85509#M16364

      No need to keep starting from the beginning again. Thanks.

      Don't yell at us; we're volunteers
        G
        GematorAuthor
        Level 3
        May 19, 2020

        OK, thanks for the reminder. Noted.

         

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