I’m confused by the contribution limits. I’ve read a lot and still feel lost. Here’s my situation. I have a well paying salary at my job for a large organization. I have maxed out all of my tax advantages options.For this 401k, I contribute 19k and my employer contributes 12k.
So the rest goes into a vanguard taxable account. I want to be able to put some of that in a solo 401k
I’m making the jump into a rental property. Putting the general tax benefits of the rental to the side....
As a business owner, I can open a solo 401k right? The total limit is 56k - across both accounts or just the solo?
But then there is the part about 25% of income. For this purpose, is that net (revenue minus expenses)?
Including the mortgage payment on the rental as an expense or no?
I’m having a hard time projecting how of what I currently put in taxable accounts could be going towards a solo 401k
