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hesformes
Level 3
Jan 30, 2025 8:39 PM UTC
Solved

Solo 401(k)

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?

Vanessa AAnswer
Alumni - Intuit
Jan 30, 2025 8:47 PM UTC

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. 

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2 replies

Vanessa AAnswer
Alumni - Intuit
Jan 30, 2025 8:47 PM UTC

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. 

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    Mike9241
    Level 15
    Mike9241Level 15
    Level 15
    Jan 30, 2025 8:50 PM UTC

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

     

    Mike9241
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