MargaretL
Expert Alumni

Get your taxes done using TurboTax

As an employee -   the maximum deferral contribution to your Solo 401(k) is $24,500 (18,500 plus another $6000 since you are of age 50 and older).  That amount does include your 401)k) contribution to your other W-2 job.  The above maximum contribution, per the IRS ,refers to your combined 401(k) accounts. More details here

As an employer -  the contributions are limited to the 25% of your LLC's income subject to self-employment tax, with the maximum amount of $55,000. 

When you enter your contributions in TurboTax, the software gives you the option to maximize your contributions - it basically calculates how much more you can contribute by the due date of the return (and to which plan). 

View solution in original post