Are the maximized contributions to retirement plans related to my sole-proprietor business separate from any wage-based contributions from my (completely separate) employee 401K? I don't want to under-contribute or ov
er-contrtibute as there are penalties for both. For example, if I have contribute $7000 to the 401K sponsored by my employer and TT calculates that I can contribute $6000 to my solo 401K based on my 1099 earnings, do I go ahead and transfer $6000 to the solo 401K or do I do nothing because I already went over $6000 in the employer sponsored 401K?
