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J
jinghai2001
October 22, 2023
Question

Solo 401K Contribution

  • October 22, 2023
  • 1 reply
  • 0 views

Can some one help me with Solo 401K  Contribution question?

I am planning to start self-employment  and set up Solo 401K.  But I do not have income yet.  Can I contribute to the Solo 401K ?  

Thanks. 

 

    1 reply

    VolvoGirl
    VolvoGirl
    Employee
    October 22, 2023

    You need to have income.   Which is a Net Profit on Schedule C for self employment.  You can contribute to a 401K up to the amount of your Net Profit reduced by 1/2 of the SE tax OR to the max contribution allowed for a 401k whichever is Less.  @dmertz 

     

     

    J
    jinghai2001Author
    October 22, 2023

    Thanks a lot for helping out.

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