In 2013, I was an employee with two companies. The sum of 401K deferral at the two places was about 19K, more than the 17.5k max. So, I contacted one of the employers, and the excess contribution (+ earning on excess) was "de-contributed" and added to wage. I also contributed 5.5K to non-deductible, traditional IRA (and then converted it to Roth IRA). So far so good.
In 2013 I also had
non-employee income (1099-MISC, box 7). Basically, I spent a few weekends, consulting for my former employer.
- Does this income qualify for contribution to tax-deferred vehicles like Simple IRA / Solo 401k? O,r given that I had 401k as part of my regular job, I can not have a SIMPLE IRA / Solo 401k?
- If the answer to question 1 above is yes, can I open such an account now, or did it need to be opened in 2013? I read somewhere that Simple IRA/Solo IRA for year x, can be funded until October of year x+1 (the deadline with extension for filing taxes).
- What other kind of deductions or tax-deferrals can be applied to this non-employee income? The self-employment income was small amount, only 15K, so I'll pay whatever taxes come due, but if I qualify to tax-defer some of this, or deduct some of this, I certainly would like to do so.
Year 2013 was the first time ever I had any kind of self-employment income, in 25 years of filing taxes, so I am not very knowledgeable in this area. All explanations, and pointers / links greatly appreciated.
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