Solo 401(k) Calculator

Calculate your maximum Solo 401(k) contribution limits for 2024

As a self-employed individual, you can contribute to your Solo 401(k) in two ways: as both an employee and an employer. For 2024, you can contribute up to $23,000 ($23,500 in 2025) as an employee across ALL your 401(k) accounts combined - this includes both traditional employer 401(k)s and your Solo 401(k). For example, if you've already contributed $15,000 to your day job's 401(k), you can only contribute $8,000 as an employee to your Solo 401(k).

On top of your employee contribution, you can also make employer contributions of up to 25% of your net self-employment earnings (your business income minus half of your self-employment tax and your business expenses). This employer contribution is completely separate from your employee contribution limit, allowing you to potentially save significantly more for retirement.

The calculator factors in your self-employment tax (15.3% of net earnings) when determining your maximum contribution limits, as this affects your net income and thus your employer contribution capacity. The total combined limit for both employee and employer contributions for 2024 is $69,000 (or $76,500 if you're 50 or older).

Your Information

Gross Business Income

Your total business revenue before expenses

Business Expenses

Total deductible business expenses

Current Year IRA ContributionsTotal contributions to Traditional and/or Roth IRAs

Current Year W2 401(k) ContributionsEmployee contributions made to any employer 401(k) plans this year

Your Age

Your Results

Net Business Income

Your business income after expenses and SE tax deduction

Available for Retirement

Maximum available for any 401(k)s (solo and w2 combined) after IRA contributions + se tax deduction

Solo 401(k) Employee Contribution Limit

Your maximum employee contribution (reduced by any W2 401k contributions)

Solo 401(k) Employer Contribution Limit

Maximum employer contribution (adjusted for SE tax)

Total Possible Contribution to Solo 401(k)

Combined employee and employer contributions

Pro Tip: Maximize Your Contributions

Consider establishing your Solo 401(k) through Solo401k.com to access additional benefits like Roth options, checkbook control, and the ability to invest in alternative assets like real estate.

Important Notes

• The 2024 employee contribution limit is $23,000 ($30,500 if age 50 or older)
• Employer contributions are limited to 25% of net business income after self-employment tax deduction
• Total contributions cannot exceed $69,000 ($76,500 if age 50 or older) for 2024
• Total retirement contributions (IRA + Solo 401k) cannot exceed your earned income
• The 2024 IRA contribution limit is $7,000 ($8,000 if age 50 or older)
• W2 401(k) contributions reduce your available employee contribution limit
• You must have a Solo 401(k) plan established before making contributions
• This calculator is for educational purposes only - consult a tax professional for specific advice

Need help calculating your business expenses?

Use our free Freelance Tax Calculator to estimate your deductions and overall tax strategy.

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