Solo 401k Help

[samlax]

Long time reader of this forum, but here is my first post.

I'm planning for 2020 to make significant 401k contributions on the Employer side.  I'm trying to figure out if I'm missing anything first and asking for advice about how to report it all.

I've maxed out the employee side for 2020 contributions.  I really need some advice on the employer side.

For 2020, the max contribution is $57,000 for my age group.  Is my calculation correct for the income level needed to max this out:  187,500 = 19,500 (employee contribution) + 37,500/.2 (employer contribution)

First off I have two major streams of income one going into an LLC and another foreign sourced income (which I claim foreign tax on) going into my personal accounts.

My contributions to my solo 401k could take into account both these sources of income?

How do I actually make these contributions?  Am I just loading funds the normal way into my Solo 401k Account?  There's no "click here" for employer contributions with my account at TD or anything like that.

The other question is how do I account for this in taxes.  I was using HR Block for 2019, which did not have the option to report employer contributions.  FICA is paid on half the employer contributions.  How do I pay for that?  Is there a software that can account for these kinds of contributions?

[bacchi]

How do I actually make these contributions?  Am I just loading funds the normal way into my Solo 401k Account?  There's no "click here" for employer contributions with my account at TD or anything like that.

Both Fido and Vanguard let you separate the contributions on the contribution form. Like so,

Total     EmployEE     EmployerER


I'm be surprised if TD doesn't allow you to do the same.

The other question is how do I account for this in taxes.  I was using HR Block for 2019, which did not have the option to report employer contributions.  FICA is paid on half the employer contributions.  How do I pay for that?  Is there a software that can account for these kinds of contributions?

For the 2019 H&R Windows version, when it asks for your profit-sharing Deductible Contribution, just include the full amount. I.e., $33,250. There's no need to separate it.

Re: taxes, you'll need to figure out what you owe and send money via EFTPS (https://www.eftps.gov/eftps/) or some other way. It's treated the same as your quarterly taxes.

[bacchi]

For 2020, the max contribution is $57,000 for my age group.  Is my calculation correct for the income level needed to max this out:  187,500 = 19,500 (employee contribution) + 37,500/.2 (employer contribution)

The 20% is back of the envelope correct. I'd use a calculator or hit the primary source. Or both.

https://scs.fidelity.com/products/mobile/sepMobile.shtml

https://www.irs.gov/retirement-plans/one-participant-401k-plans