I had a W2 job for the first half of the year. I made around $50,000 and contributed $10,000 to a regular 401k.
I started working as a contractor in December, and my profit was $5,000 for 2024. What’s the max I can contribute to a solo 401k as an employee for 2024?
I’m under 50 and the limit is $23,000. Can I contribute $13,000 ($23,000 - $10,000)?
According to a solo 401k contribution calculator, the maximum contribution that I can defer into my solo 401k is $4,646. Is this correct?
