Laid off and started freelancing,landed first gig after 6 weeks.I’ll get paid on a 1099. I just found out I can open a Self employed 401k with Fidelity. I want to minimize my income this year to get in lowest tax bracket. I will also turn 59.5 in six months. I have enough cash to get me to that point which would mean I could drop income in the 401k and withdraw w/o penalty and pay tax when I need the money. Short timeframe, is this just senseless? am I missing something?

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Posting as :
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You should. There is a percentage contribution limit to sep IrA though.

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Thanks I looked into further. Fidelity has excellent worksheet (IRS mind boggling). It is a bit of computation for sure, but happy to get a little boost with my age...

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