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Retirement Plans - IRA and 401K

Gemator
Level 2

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?

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5 Replies 5
IRonMaN
Level 15

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

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
abctax55
Level 15

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

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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Gemator
Level 2

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

Thanks.

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qbteachmt
Level 15

You asked Twice. Here's the original:

https://proconnect.intuit.com/community/lacerte-discussions/discussion/retirement-plan-for-2019/01/8...

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

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Gemator
Level 2

OK, thanks for the reminder. Noted.

 

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