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Retirement Plans - IRA and 401K

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
Level 15

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

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Level 15

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

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Level 2

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


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Level 15

You asked Twice. Here's the original:


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Level 2

OK, thanks for the reminder. Noted.


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