For 2022, I have both a small self-employed business and a job for an employer. I want to maximize my retirement deferrals.

My gross income from the employer was about $4600 of which $1500 went into the company 401k and my W-2 wages (after the 401k) contribution were about $3100.

My Schedule C income was about $11,400.

I am over 50 and will make a $7000 contribution to my Roth IRA.

What is the maximum I can contribute to my solo 401k plan? Is it true that the sum of the maximum IRA and 401k contributions will be the same regardless of how much I put in the IRA?

My tax program seems to suggest my maximum solo 401k deferral is $6700. I'm not sure exactly where that comes from but it's not far from (11400+3100-7000).

Suppose the figures were instead (projecting to 2023 here);
Gross earnings from employment: $25,000
Employment 401k deferral: $12,500
Schedule C net earnings: $14,000

For 2023, anything within 10% is fine as it's a planning tool only.

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