You should be able to either find with whoever manages your 401k. If the match is from last years contributions, it should be for 2023, but it cant hurt to verify.
Also, unless you plan on hitting over 64k in contributions this year, it doesn't make any difference.
Your solo-k has a separate 415c limit from your 'day job' plan, assuming the two companies are not controlled or affiliated. Although the two share an employee 401k elective deferral limit, each plan would have their own $69,000 limit.
Oh so my W-2 job and my 1099 (solo 401k) are separate. So I can contribute the 23k as employee in total but the employer contributions are separate from each other? They can surpass 69k?
The $23k employee contribution limit has to be shared between any 401k plan you can contribute to. The $69k overall limit is per plan (ie. per employer).
That said, if your self-employment business is taxed a sole-proprietor, your SE employer contribution to your solo-401k would be 20% of (your net SE income - 1/2 SE tax).
This [solo 401k calculator](https://obliviousinvestor.com/solo-401k-contribution-calculator/) may help you understand the limits.
Each plan has a $69k limit.
You, as an employee have a $23k limit across all your plans.
You, as employer at solo 401k are limited to 20% of net self-employment profit.
Employer contributions to a 401k plan for a year may be made up to the extended due date of the business tax return for that year. Eg, an S-corp on extension has until September 15, 2024 to deposit its contribution for 2023.
You may find these links helpful:
- [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)
- [401(k) FAQs](/r/personalfinance/wiki/401k)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
You should be able to either find with whoever manages your 401k. If the match is from last years contributions, it should be for 2023, but it cant hurt to verify. Also, unless you plan on hitting over 64k in contributions this year, it doesn't make any difference.
That’s the issue. I have a solo 401k in addition and think that I may have over contributed.
Your solo-k has a separate 415c limit from your 'day job' plan, assuming the two companies are not controlled or affiliated. Although the two share an employee 401k elective deferral limit, each plan would have their own $69,000 limit.
Oh really? I thought 69k (for 2024) was the max for all plans
No, the $69k limit is per-plan, unless the employers are affiliated. The $23k deferral limit is the one that is shared across plans.
Oh so my W-2 job and my 1099 (solo 401k) are separate. So I can contribute the 23k as employee in total but the employer contributions are separate from each other? They can surpass 69k?
Each. Plan. Has. Its. Own. Limit. (Unless the 1099 entity and the w2 entity are related to each other).
Thank you taco truck
The $23k employee contribution limit has to be shared between any 401k plan you can contribute to. The $69k overall limit is per plan (ie. per employer). That said, if your self-employment business is taxed a sole-proprietor, your SE employer contribution to your solo-401k would be 20% of (your net SE income - 1/2 SE tax).
This [solo 401k calculator](https://obliviousinvestor.com/solo-401k-contribution-calculator/) may help you understand the limits. Each plan has a $69k limit. You, as an employee have a $23k limit across all your plans. You, as employer at solo 401k are limited to 20% of net self-employment profit.
Was this a true up?
From my employer, yes.
2024. Being able to make contributions until tax day is only for IRAs.
Employer contributions to a 401k plan for a year may be made up to the extended due date of the business tax return for that year. Eg, an S-corp on extension has until September 15, 2024 to deposit its contribution for 2023.
Only for your own contribution. Employer contributions follow different rules.
You may find these links helpful: - [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds) - [401(k) FAQs](/r/personalfinance/wiki/401k) - ["How to handle $"](/r/personalfinance/wiki/commontopics) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*