Solo 401K Contributions

[binarysolo358]

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. 

[AmeliesUncle]

Yes.

[Mike9241]

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