asked

I have a W2 job earning $113,058.52 and contributed $4,729.47 to my 401k. I also have a side business under a single member LLC that made $150,000 in 2020 with a Solo 401k plan. I understand I can contribute $14,270.53 as salary deferral contributions and 20% of my LLC income as profit sharing contributions. Please confirm my understanding and advise where these contributions should be reported on Schedule C and Schedule 1.

March 6th, 2024

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