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  • Solo 401K Contribution

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  • Top SubjectSolo 401k Contributions
    Top ForumsSolo 401k Contributions

    Bill Anderson
    Top SubjectSolo 401k Contributions

    December 2, 2021 at 2:06 pm

    My wife and I own an LLC which produces approximately $100,000 per year in net income. Each of us are listed owners of a 50% membership interest. My wife does not actively participate in the business. We file a joint tax return and report the total income of this business on Schedule C. If I set up a Solo 401K can I base my contribution on the total $100,000 of income or only 50% of the income?

    Bill Anderson
  • Mark Nolan

    Top SubjectSolo 401k,Solo 401k Contributions
    Top ForumsSolo 401k, Solo 401k Contributions

    Mark Nolan

    Mark Nolan

    Top SubjectSolo 401k,Solo 401k Contributions

    December 2, 2021 at 2:35 pm

    Anderson

    Your contributions would be based on what you report on line 31 of your Schedule C. Therefore, if you report $100,000 on line 31 of your Schedule C, then you can contribute to the solo 401k plan based on $100,000. Click here for more information. If your spouse also wants to contribute to the solo 401k, her contributions would be based on line 31 of her Schedule C not yours.

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