Hi @cmallow17!
You are correct - if you have already maxed out your 403(b) for 2023, then you will not be able to contribute to another type of account as an employee. For 2023, employee contributions are up to $22,500 ($30,000 if over 50 with catch-up contributions). This limit is shared amongst the various types of accounts (401k, 403b, etc., including Solo 401k).
With a Solo 401(k), you can, on the employer side, make nonelective company contributions of up to 25% of compensation as defined by your plan. This compensation doesn’t include retirement plan contributions or the self-employment tax, which are deducted from your income. This contribution can be made regardless of any employee contributions (or lack thereof). Total solo 401(k) plan contributions, excluding catch-up contributions for those age 50 and over, can't exceed $66,000 for 2023.
NOTE - since you have a 403(b) with your current employer, there is an Aggregation Rule that applies specifically to 403(b) plans in these scenarios. Essentially, the contributions you made to the 403(b) will also count against the limit for the Solo 401(k). So for 2023, you would be able to contirbute a maximum of $43,500 ($66,000 Solo 401(k) limit - $22,500 maxed 403(b) contribution) or up to 25% of compensation as defined by your plan, whichever is less.
Assuming it's a traditional Solo 401(k), and not a Roth, the contributions are deductible and reduce your taxable income for the year.
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