Question about solo/self-employed 401ks: If I create a sole-member LLC for a side business and create a solo/self-employed 401k, am I only allowed to make contributions from the earnings earned via the LLC? Or am I allowed to contribute money earned from a different source (ie W-2 job).

like
Posting as :
works at
You are currently posting as works at

You can contribute from any source. However, the amount you can contribute will be limited based on the LLC’s earnings as well as any contributions you/your employer makes to a 401k from your main job.

like

You cannot contribute more than your net earnings, which is ~92% of the net income on Sch C.

All 401(k) contributions are employer contributions. The "employee" portion you're referring to is the elective deferral of compensation. You cannot elect to defer compensation which doesn't exist, which is why the elective deferral cannot be more than net earnings.

like

Related Posts

I consolidated grad loans in ‘15, kept federal separate from private (w SoFi @6.75%). Can I refinance w SoFi or w Earnest? Should I combine the federal and lose the protections for better %?

Any idea about car lease program benefits ?

What to do with stocks/crypto accumulated in US, sell them when moving back to home country after completing H1B ? What about taxation when you hold and sell later ?

like

I am available for Per Diem appearances in New Jersey. DM Me.

Looking to get some more certifications under my belt so I can grow my career. What certifications are recommended for becoming a more knowledgeable healthcare consultant, and what certifying body/program would you suggest I do it with? Looking for any/all options that are most desired in today’s market

like

is the rental market getting better?

likefunny

Do we have tax calculator in tcs

like

Bi-annual plug to say I’m a realtor in Charlotte, NC if anyone needs help buying a home or investment property. DM me!

like

I have completed my Masters in Zoology in 2017. Currently working in US Healthcare. Is there any suitable openings?

Looking for purchase health insurance for business. Has anyone bought health insurance through their solo practice as a corporation. Any recommendations as to who to use. Small firm 1-5

like

Seeking advice on pursuing opportunities in healthcare / life sciences strategy - looking for managing director / VP level in the ME region. Interested in consulting or industry. I have 19 years consulting + industry combined experience in pharma and US hospitals. Thank you 🙏

like

Where are the Scania's members of Sweden? I'm about to change roles internally and I'd like talk about salary and benefits for an Object Leader and for a TPL engineer. #Scania #projectmanagement #technicalprojectleading #salary Scania

like

Why do people accrue prepaid expenses?

General question, and I suspect the answer is no. Are there any employment or exec comp-related jobs in the entertainment industry? Or, are there any law firms purely focused on entertainment that have a comp/employment/benefits group? I’m at a large firm with a lot of high profile artists, but I’d like to narrow my practice down to entertainment.

like

Misled on Maternity Leave Policy. I found out I only get 4 weeks pay for maternity leave (STD +“sick days”). I will take 12 weeks but wont get paid for 8 weeks. I work for a US, west coast based company in the tech/VC industry. Their website claims to offer “paid parental leave and other progressive benefits for parents”. I didn’t find out until after I was hired their pay was only 8 weeks but since I have been at the company less than 12 months, I don’t qualify for their policy. Is this unfair?

like

Any real estate experts in the house? Thinking of making a move to Miami from Jacksonville. Jacksonville real estate is still pretty inflated and hasn’t really come down much. Is real estate in Miami following the same pattern? Or is it expected to deflate with high interest rates?

like

Folks whose parents moved to US after getting GC, what are big ticket item you have to spend on. I guess they won't get medicare, so inaurance cost would be there. How much is health insurance. What other expenses to plan for.

like

What’s everyone using instead of Robinhood? I just learned of WeBull recently but am not sure it’s for me.

like

What’s the fastest WI-FI provider in Austin? I have Spectrum abs it’s not fast enough for my house of 5

like

More Posts

How’s the dating scene in Austin? Any advice for a single 30 yr old Male who recently moved here?

like

I want to start preparing for PE recruiting, how do I start?
1. On prep work: are there any online courses that I should take? What books/guides are good?
2. On head hunters: who are the best headhunters to reach out to? Should I simply cold email or LinkedIn invite them?

For context, I'm a Europe based consultant, looking to recruit to London

like

Anyone here has experience with Temenos Bangalore? Need a n honest suggestion whether its a safe company to join from a job security and work culture perspective? Your inputs will help me take a correct decision.

like

My HR round was completed on 11th Aug.. Today is 9th September still i have not received offer letter.. can anyone please tell me how much time it will take to receive offer letter.. HR is not receiving my calls emails.. Also communication person is not receiving my calls emails..

need just one like.. plz?

like

DM me for a referral!

Post Photo
like

Please help me with below

My DOJ is 30th Oct22

Post Photo
like

How is the manager role of Deloitte India for analytics and cognitive practice? Anybody from this practice who can help me on this decision please. How is wlb, I know mine is going to be client facing and that I would be expected to do more that just project work but does that mean I would have to work on getting projects for practice or how it will be?

likeuplifting

$RNWK 🚀 is it next GME?

likeupliftingfunny

Busy season has public accountants like

Post Photo
like

Curious about PA M1 bonus. IA to be precise. What’s the percentage?

like

Is the Products and Technology group internal? Any insight on what that group does or where life is like inside it?

like

Are there even any FDD type jobs in Pittsburgh? Been hard pressed trying to find.

What is the difference between financial due diligence (FDD) and delivering deal value (DDV) at PwC?

like

Hi guys, Can someone refer for any relevant open position in Kyndryl Inc. below is the brief about my profile
Market Intelligence and Business Research Professional with 9 years of experience in IT/ KPO industry with competency in
Market Assessment: Executing strategic research projects, industry deep-dive, account intelligence, competitive intelligence across US, EMEA, and APAC
Sales Enablement: Assisting senior leaders to solidify GTM approach
Support growth strategy: conduct due diligence

My H1b is up for renewal in Jun 2022, can I switch jobs before renewal and what does the new company have to do? If they're transfering my H1b do they need to apply for renewal as well? Or would it be recommended to wait until the renewal?

like

Larsen & Toubro Guys how is RealmeBook slim core i5?
Is it worth buying?

Capgemini Newco Tata Consultancy Accenture Infosys Larsen & Toubro Simeio Shell NTT DATA

like

Currently interviewing for a Core Solution Engineering role at Salesforce (level is still tbd). Anyone know the pay ranges between Sr., Lead, Master levels? I’d like to be prepared if/when I get an offer

like

📚 Resource Thread 📚
Use this thread to drop your favorite books, courses, podcasts, channels, and other resources you find valuable as a Sales Engineer!

like

Anyone in the DC area know if the Friday prayer in Rosslyn (at Arlington Temple) ever came back after the pandemic?

like

Additional Posts in Tax Bowl

Intl Tax folks, how long did it take before you were confident in your role? I've worked for the past 3 years in a practice that is heavily consulting based (inbound and outbound structuring) and I feel like I'm only just starting to understand the foundational concepts (where I can explain them clearly to clients) and offering a shred of value. Then I'll have calls where partners discuss complex tax, legal, treasury and other related concepts that all go over my head.. it becomes overwhelming

like

Seeing it firsthand. Book net income: $5,000. PPP Loan forgiveness: $1,500,000. Owners distributions: $1,500,000.

likefunny
likehelpful

Question for senior tax managers, tax directors, and higher in public accounting. Have you seen managers or senior managers in PA hired in tax who you feel know very little for the position, or does this happen only very rarely or never in your opinion?

like

I am curious how Onesource Income tax stacks up against it's competition.

I finally did it...put in my notice. Feels good man.

likeuplifting

Does anyone have any career insight for a tax associate in corp dev? Is it as lucrative as regular corp dev? What do you do on a day-to-day basis?

like

Anyone work in nonprofit tax? What exit opportunities are available with 3-6 years experience? Hoping to be promoted to senior this year and curious what options exist with this specialized skill set.

like

Thoughts on a manager texting you to ask why you aren’t online Easter weekend when all of your work is completed and another senior who can’t handle their own work decided to randomly send you their returns to review?

likefunny

International tax senior associate- Deloitte

I have an interview with Deloitte next week for senior associate Internacional tax in California. How much salary I should expect? I am sure this question will come up and I don't want to underbelly myself. Currently I am a senior at other Big4.

like

Advice on networking? Especially if you don't have common interests... find it kind of hard being an Asian and not really interested in sports or watch Netflix!

like

On H1-B with approved I-140, currently looking out for State & Local Tax Senior/New Manager opportunity. Kindly share the leads, thank you.

like

Anyone on here familiar with California’s treatment of a conservation easement deduction for individual taxpayers? I’ve found a bunch of research indicating it’s limited to 30% of AGI, but the people who orchestrated this whole deal think it’s 50% of AGI.

like

International tax manager looking to move to industry in Bay Area or remote. JD background. I’ve been seeing that job postings for “managers” in industry ask for 8 years - I have 4. Is this normal? Advice on applying? Also what to expect for comp?

like

Can someone explain 704(b) in simple terms?

like

Is it worth it to make managing director at a Big Four firm?

like

Is anyone familiar with Deloitte TMC team? How does the work look like for the Corptax implementation and Altreyx? Please give some advice for the pros and cons. Thanks!Deloitte

like

I have more than 12 years of tax attorney experience at biglaw and big4. Are there any big4 positions that pay more than 200k? National Tax? Anything else?

like

How bad is it to leave an understaffed team right before fall busy for a job in a new city? Part of me doesn’t care at all b/c it’s a business decision, part feels like I’m totally screwing the team.

likehelpful

Filing all tax forms for a corporation for the first time. Does anyone use TurboTax for this? Besides y/e tax return what else is needed to file? Quarterly 1040ES? Payroll tax?

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal