rbynaker
Level 13

@Lord Happy wrote:

Greg is not able to make further elective salary deferrals to his solo 401(k) plan because he has already contributed his personal maximum, $19,000, to his employer’s plan. However, he has enough earned income from his business to contribute the overall maximum for the year, $56,000.


Greg may have enough income to max out his 401(k), but unfortunately Lord Happy's client only has $18K of Sch C income which will put him around $3,300-$3,400 (as Susan mentioned earlier).  You may get a little more if the W-2 job is already maxed on out SS earnings.  See this nice worksheet here:

https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/customer-service/401k-self-employ...

Rick