I have a single member LLC and also have a Solo 401K. I am filing as Schedule C. Can I contribute as an employee & employer? I understand this is possible under an S-Corp, but it seems like I can’t get a straight answer as to filling under Schedule C.
Expert Reviewed
as a participant you can make a contribution of up to $23000 for 2024 (+up to an extra 7500 if 50 or over)
you business can make a contribution of 20% of net self-employment income
however, the combined elective deferrals for 2024 (Section 415) limits the total to the 100 % of net se income ( (after deduction for se tax ) or $69,000 + $7,500 if sage 50 or over.
so in essence the maximum net se income after deduction for the se tax that can be taken into account is $232000
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.
Explore your optionsEnter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2026 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
© 2026 Intuit Canada ULC or its affiliated companies. All rights reserved. Intuit, QuickBooks, QB, TurboTax and ProFile are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Copyright © Intuit Canada ULC, 2026. All rights reserved.
© 2026, Entreprises Intuit Canada ULC ou ses sociétés affiliées. Tous droits réservés. Intuit, QuickBooks, QB, TurboImpôt et ProFile sont des marques déposées d’Intuit Inc. Les modalités, prix, fonctions et options de service et de soutien peuvent changer sans préavis.
© 2026, Entreprises Intuit Canada ULC. Tous droits réservés.
