Hello!
I am currently an employee and I already contributed the maximum limit for 2023 to my employer's 403(b). Next month I will leave my job and become a freelance consultant. I am planning to register as a single-member LLC.
I am interested in opening a solo 401(k) this year and wanted to ask:
1) I cannot contribute anything as an employee of my LLC since I already maxed out the 403(b) limit this year, correct?
2) As an employer, am I allowed to contribute up to 25% of net self-employment income? (even if I don't contribute this year as an employee of my LLC?)
3) Are both the employee and employer contributions to a solo 401(k) deductible?
Thank you!
