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I just wanted to confirm that we are allowed to in the same tax year contribute to both an IRA plus a solo401k. In the past I was able to do both when I had an employer sponsored regular 401k but this year I am on my own and wanted to know if I could make that employee contribution to the 401k if there is a net profit end of year.
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Yes, but keep in mind that a solo 401(k)plan is an employer plan that covers you, so your AGI has to be low enough to qualify for a deductible IRA contribution.

Probably won't be able to also make an employer contribution as doesn't look like there is going to be that much profit.
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In that case, hold off on doing contributions until you know what the profit looks like - and you have up until the extended due date of your tax return to make that contribution.

In the meantime, you should be working with a professional accountant to do some planning with this kind of a business retirement plan. There's enough twists to a solo 401(k) plan that it shouldn't be a do-it-yourself project.

Bill
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