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The deadline for establishing a sole 401K is December 1 (or the end of your fiscal year, if you do not use calendar year). The contribution deadline is April 15 (of October 15, if you file an extension). The maximum you can contribute is your net self-employment profit up to 24K (if you are 50 or older) plus you can make nonelective contribution up to 25% of your net self-employment profit. Your total contribution cannot be more than 53K plus 6K catch up contribution (50 and older)
Assuming your spouse is covered by a retirement plan at work, you can still make a deductible IRA contribution in addition to sole 401K, as long as your joint AGI (adjusted gross income) is less than 183K. Between 183K and 193K you would still get a partial deduction.
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