rbynaker
Level 14
08-17-2020
05:40 PM
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@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:
Rick