Solo 401k Contributions For Incorporated Part-Time Self-Employment
Copyright: The Finance Buff
This spreadsheet calculates the maximum contributions to a solo 401k plan for someone who works at a day job and runs an incorporated business on the side. Use the other tab at the bottom if the business is unincorporated.
Cells under "Assumptions" in blue are inputs. Feel free to change to your own situation.
Other cells are calculated. For more information, please read blog post:
Solo 401k Contributions For Part-Time Self-Employment
Assumptions
Calculating contribution limits for plan year (between 2022 and 2024)
2023
Salary Deferral in day job 401k, 403b or SIMPLE IRA (not 457)
22,500
Is the salary deferral above made to a 403b plan?
no
Employer contribution to 403b plan
0
Are you age 50 or over this year? (enter yes or no)
no
Compensation from self-employment, before salary deferral
50,000
Desired profit sharing (0% - 25%)
25%
Calculated Fields
Summary
Annual 401k Salary Deferral Limit - 402(g)
22,500
Salary Deferral
0
Maximum addition to defined contribution plan - 415(c)
66,000
Profit Sharing
12,500
Age-50 catch up limit - 414(v)(2)(B)(i)
7,500
Total
12,500
Regular salary deferal at day job
22,500
Non-Roth after-tax contribution if plan allows
37,500
Catch-up deferral at day job
0
Annual addition used by day job
0
Maximum Salary Deferral from self-employment before catch-up
0
Profit Sharing from self-employment
12,500
Maximum catch-up
0
This spreadsheet is for illustration purposes only. It may not be accurate in some cases.
Always verify with a professional before making contributions.