topic Solo 401(k) in Get your taxes done using TurboTax

Solo 401(k)

hesformes — Thu, 30 Jan 2025 20:39:31 GMT

My wife and I both have a small business. My wife had a loss this year. Does this affect the maximum amount I can contribute to my own Solo 401(k) or are the two businesses completely separate for tax purposes in regard to contributions?

Re: Solo 401(k)

Vanessa A — Thu, 30 Jan 2025 20:47:03 GMT

No, it does not affect the maximum amount you can contribute to your solo 401K. Each business is separately reported on its own Schedule C. So, the business you have is the one that you would go off of to make the contributions for yourself.

Re: Solo 401(k)

Mike9241 — Thu, 30 Jan 2025 20:50:44 GMT

your business is separate from hers so it has no effect on your solo contribution