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Solo 401(k)\'s to defer gambling income?
Has anyone considered a solo 401(k) to shelter their gambling income? According to this article, a solo 401(k) allows a self-employed person (with no employees) to defer taxes on $14,000 + 20-25% of the rest of their self-employment income. This would be perfect for me, because I have a day job that pays for all my expenses. My poker income will be around $15,000 this year and I've mostly invested it in the stock market. I had planned on saving my poker income for retirement even before I found out about the solo 401(k).
Here's my questions: 1) Can gamblers who file as professionals take advantage of the solo 401(k)? 2) Can a person have both a 401(k) at their day job and a solo 401(k)? 3) Is there a max-contribution limit for the two 401(k)'s combined? 4) Are there any income limits? 5) Are there any good books on solo 401(k)'s and like plans? I'll probably pull in around $60K from my dayjob this year if that makes a difference. |
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