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Level 2
posted Apr 14, 2022 10:18:12 AM

Can 1099-MISC income be used to contribute to a Solo 401k?

In a past year I used 1099-NEC income to open a Solo 401k (yay!).   Now I get issued a 1099-MISC each year for a separate reason.  QUESTION:  Can I contribute 1099-MISC income to my Solo 401k?

 

UPDATE: Just to clarify @AliciaP1's answer below: She is assuming that all "self-employed income" is being reported on 1099-NEC's, and that income reported on 1099-MISC's is not. This is generally true, I just wanted to spell it out here.

 

In my case I have rental property managed by a property manager, and they issue me a 1099-MISC at the end of the year. This is income but not self-employment income.

 

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1 Best answer
Expert Alumni
Apr 14, 2022 2:59:25 PM

No, your solo 401k contributions are limited to the calculation based on your self-employed income only.  

 

See Solo 401k for more specific information.

1 Replies
Expert Alumni
Apr 14, 2022 2:59:25 PM

No, your solo 401k contributions are limited to the calculation based on your self-employed income only.  

 

See Solo 401k for more specific information.