Is there anyone out here that has good experience in self-employed 401k plans? My wife opened one for 2014. I'll be brief but my issue is that am trying to get hers maxed to the limit of 100% of income up to $17.5k.
I do understand one cannot go beyond the $17.5K for employee elected deferrals. This year she worked very little staying home with the baby. Her income was around $16K. However her taxable income is adjusted by her accountant so I will not know that adjusted figure until after her K1 is returned. I am in the position of guessing. Too low a guess we missed out on tax advantaged contributions, too high we have over contributed and may have to amend the tax return which is probably not a fun exercise.
Any advice?