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Thumb of Michigan | martin - 12/30/2022 21:20
. Regarding 401K... I think you have to be an employee - to have a job - to invest in a 401K.
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Wrong answer, I have a 'solo 401(k)', with Roth provisions. Works just like an employer sponsored 401(k), except you cannot have employees.
Next year (2023) with the 'catch up' provision, $30,000 is the maximum contribution limit (was $27,000 for 2022). Naturally, you need to have that much 'earned' income in order to make that much contribution. Think of earn income as income that you pay SS taxes on, is the easiest way for me to remember. | |
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Investing 401/IRA help.
