Solo 401(k)

hesformes · ‎January 30, 2025

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 A · ‎January 30, 2025

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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Vanessa A · ‎January 30, 2025

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 · ‎January 30, 2025

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

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