I had a quick question regarding the solo 401k.
I am currently set up as an S-corp. My corporation (John Doe Inc) pays myself (John Doe) a salary. My 2015 K1 shows an income of approximately $400,000. My personal W2 (paid to myself from my corporation) shows wages of $127,000.
I am currently set up as an S-corp. My corporation (John Doe Inc) pays myself (John Doe) a salary. My 2015 K1 shows an income of approximately $400,000. My personal W2 (paid to myself from my corporation) shows wages of $127,000.
Are these numbers sufficient in order to have maxed out the full $53,000 for the solo 401k. I recall that you need a minimum of $180,000 in order to max out. I am just confused if this $180,000 has to be in reference to my K1 amount or my W2 amount.
I appreciate your help.
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