🧮 How to Calculate Solo 401k Contributions on 1099-NEC Income

[Mark Nolan]

Question: I received 1099-NEC forms from several clients this year. How do I figure out how much I can contribute to my Solo 401k?

Answer: The calculation starts with Schedule C, line 31:

1. Add up every 1099-NEC received during the year.
2. Report the total on Schedule C and subtract business expenses.
3. Take the net profit on line 31 and subtract one-half of self-employment tax.
4. Use the result to calculate employee and employer contributions.

My Solo 401k Financial offers a contribution calculator and performs these calculations for clients as part of its ongoing support.

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Mark Nolan

Compliance Officer

Contact

1-800-489-7571 www.mysolo401k.net