Multiple Business income

You can contribute income from multiple business sources to your existing Solo 401k plan. The key requirement is that both income sources must be from self-employment activities where you have no employees other than yourself. This income must also be active income.

You are responsible for determine if the income from both business is eligible to be contributed to a Solo 401k and follows any Controlled and Affiliated Service Groups rules, more details on that here.

Your contribution limits will be calculated based on your combined self-employment income from both businesses. You can use Carry's contribution calculator in your account (Solo 401k account > Contributions tab > Change Election) to determine your exact limits based on your combined income from both sources.

Please note that if each of your businesses are a different business entity types, our contribution election calculator would not support that and you'd be responsible for determining your contribution limits with your CPA or accountant. 

Since you'll have income from multiple self-employment sources, we recommend consulting with a tax pro to ensure you're calculating your contribution limits correctly and handling the tax implications properly.