I have a employer sponsored 401k which I have had the elective maximum contribution of $19k for 2019.
Separate form the above W2 income, my spouse and I have 1099 income and we will be electing to be treated as Qualified joint venture.
1. If my income from the joint venture is say roughly $140k, then my contribution limit for my solo 401k will be roughly $44k. Since this qualified venture is separate from my W2, employment I would technically have a second limit of $56k though I do not make enough to get to that limit.
2. My spouse income from the joint venture is $30k, thus the limit here would be roughly $23.5K
I just want to make sure I understood this correctly.
I used this to come up with the rough limits -> https://www.bankrate.com/calculators/retirement/self-employed-401-k-calculator.aspx
Finally, I assume I can capture all this in TurboTax?
