Do you have enough set aside or have you considered the availability of a cash balance plan?
As always, individual taxpayers should consider making their maximum allowable contributions for the year to their IRAs, 401(k) plans, deferred annuities and other tax-advantaged retirement accounts.
For 2019, you can contribute up to $19,000 to 401(k)s and $6,000 for IRAs. Those age 50 or older are eligible to make an additional catch-up contribution of $1,000 to an IRA and, so long as the plan allows, $6,000 for 401(k)s and other employer-sponsored plans. Click here for more information on Cash Balance Plans.
As a reminder, reducing your income could serve another benefit by being able to maximize the 199A deduction; even if the deduction is being generated from an SSTB.
For more information contact Julie Helms – Director of Specialty Tax Services or your Lurie trusted advisor.