Solo 401k Contribution Limits

[Chai Jonn]

Hello All,

I have opened a Solo 401k Account last year. I have self employed income for 2018 and 2019. I like to contribute to both 2018 and 2019 this year. I have filed for extension for taxes for 2018. I am getting different numbers using different calculator for solo 401k contribution.(sole proprietor)

Is the below correct?

2018....Net Income...........         $26496

Employee Contribution Max :  $18,500 

Employer 20% :                          $3062.06

2019....Net Income...........         $31000

Employee Contribution Max  : $19,000

Employer 20% :                          $4,904.96

Do I have the correct numbers?

Thanks

Chai

[Carl Fischer]

Seems it could be correct. Not sure if you are done earning income in2019. Assume you are under 50 years old. Check with your administrator, cpa, or consultant to be sure. Assumes you had 2018 contributions/salary deferral going in when you were getting paid during the year.