So, if I use an LLC for both of our "businesses" and net those on my taxes to offset my business income with husband's business losses, do I need to calculate my solo 401K amount on the net of both businesses?
e.g. My income - $178,000 My business expenses $10,000. I thought I would be able to contribute $168,000 * 20% + $18,000 = $51,600. But, if I use the net of the businesses that number is much less. My income - $178,000, My business expenses $10,000, my husband's business loss $15,000. So, I could only contribute $48,600 to my 401k.
I know I need to ask an accountant, but just curious if anyone does this.