How can I find out the maximum I can contribute to my solo 401k?

[redjr30]

I have consulting 1099 income, last year it told me how much I can put in pre-tax, I am not seeing that for this year

[JohnB5677]

Your maximum Solo 401k contribution is $57,000 per participant per year. If you are 50 or older, you can contribute an extra $6,500 bringing your total contribution limit per plan to $63,500.

If you and your spouse both contribute to the Solo 401k plan, you can each contribute $57,000 (or $63,500 – depending on your age).

[redjr30]

Thanks! I didn’t word the question well, what percentage of pre tax 1099 income can i contribute and not pay taxes on 

[DaveF1006]

According to this IRS link, you can contribute the following amounts. 

• Elective deferrals up to 100% of compensation (“earned income” in the case of a self-employed individual) up to the annual contribution limit:
  • $19,500 in 2020 and 2021, or $26,000 in 2020and 2021 if age 50 or over; plus
• Employer nonelective contributions up to:
  • 25% of compensation as defined by the plan, or
  • for self-employed individuals, see discussion below
• if you contribute both as a self-employed person and employee then o a participant’s account, not counting catch-up contributions for those age 50 and over, cannot exceed $57,000 (for 2020; $58,000 for 2021).