No. You can also make employee elective deferral contributions of up to $19,500 for 2021. If you’re 50 or older, the limit becomes $26,000 for 2021.
This amount includes all 401(k) plans you’re enrolled in.
Contributions to a Solo 401(k) consist of two types:
- Elective Deferral (401k) also known as Employee Contributions
- Profit sharing also known as Employer Contribution
With a Solo 401k, you and your spouse can participate in the same plan.
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