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April 14, 2022
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Can 1099-MISC income be used to contribute to a Solo 401k?

  • April 14, 2022
  • 1 reply
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In a past year I used 1099-NEC income to open a Solo 401k (yay!).   Now I get issued a 1099-MISC each year for a separate reason.  QUESTION:  Can I contribute 1099-MISC income to my Solo 401k?

 

UPDATE: Just to clarify @AliciaP1's answer below: She is assuming that all "self-employed income" is being reported on 1099-NEC's, and that income reported on 1099-MISC's is not. This is generally true, I just wanted to spell it out here.

 

In my case I have rental property managed by a property manager, and they issue me a 1099-MISC at the end of the year. This is income but not self-employment income.

 

    Best answer by AliciaP1

    No, your solo 401k contributions are limited to the calculation based on your self-employed income only.  

     

    See Solo 401k for more specific information.

    1 reply

    AliciaP1
    AliciaP1Answer
    April 14, 2022

    No, your solo 401k contributions are limited to the calculation based on your self-employed income only.  

     

    See Solo 401k for more specific information.

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