DianeW777
Expert Alumni

Deductions & credits

No, Solo 401(k) contributions are based net income from self-employment (i.e. you can't contribute more than you make).

  • The owner can contribute both: Elective deferrals up to 100% of compensation (“earned income” in the case of a self-employed individual) up to the annual contribution limit: $20,500 in 2022 ($19,500 in 2020 and 2021), or $27,000 in 2022 ($26,000 in 2020 and 2021) if age 50 or over.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"