Contributions
How are Solo 401k limits calculated?
There are multiple factors that go into calculating your Solo 401k contribution limit. Let's break them down. The IRS sets contribution limits by cale...
Solo 401k Over-Contributions
Contributions to a Solo 401k are limited by many factors, including annual limits, your business/self-employment profits, other 401(k) plans you may p...
Setting up manual Solo 401(k) payroll deductions via Gusto
For more details see this link and if you have any questions on setting it up, you can reach out to Gusto's support team Instructions: Follow these...
Reporting Solo 401k plan contributions via your payroll
If you have payroll set up, you should report all Solo 401k contributions you've made on the Carry website through your payroll. This is required so t...
How to update your Solo 401k Election
In order to be able to contribute to your Solo 401k for any year, you'll want to have an election for the year you're trying to contribute to. Your el...
How do I make a contribution to my Solo 401k?
The amount you'd like to contribute Where the funds are coming from (a linked bank account, a manual ACH, or a wire deposit) What year the the deposi...
What type of bank account should Solo 401k contributions come from?
For the Solo 401k plan, contributions can be funded from any linked bank account; however, your business or payroll / tax providers may require a cert...
Employee vs. Employer contributions
You'll often see Solo 401k contributions referred to as either "Employee" or "Employer" contributions. This can be confusing for many self-employed pe...
What if I make a solo 401k election but cannot make the full contribution by the deadline?
That is completely fine. You are allowed to contribute less than your elected amount (but not more). The elections are typically maintained for audi...